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ChinaCast Education Corporation (CAST) Message Board

  • inncogneeto inncogneeto Jul 30, 2012 3:19 PM Flag

    Where were the auditors?

    After reading the company's update... finally something positive... my first thought was where were the company's auditors? How could they miss the massive level of on-going fraud? They clearly didn't go direct to the banks to get the statements given the "almost daily" fraud going on with the movement of cash in the accounts.

    As the criminality of Chan and crew becomes ever more clear everyone else will distance themselves and not want to be caught up with them. This "should" help the company get everyone else to cooperate. There does appear to be a path to regaining control of the company now, although it will take quite awhile to see what remains. It is great news to hear the universities have been somewhat insulated operationally and that enrollment is actually up for the new year.

    The level of fraud is truly amazing by Chan and his accomplices. All his actions make perfect sense now in hindsight. It wasn't like we didn't have fair warning!

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