Posted just the other day: China Ouhua Winery Announces Quarterly Losses
Last night, China Ouhua announced a shocker!
- Ouhua COO, director quit after Q4 loss
KUALA LUMPUR: China Ouhua Winery Holdings Ltd yesterday announced the resignations of its chief financial officer Zheng Le Le and director Tam Fook Cheong.
This came a few days after the company posted a fourth quarter net loss of almost RM7 million, against a net profit of more than RM7.3 million same quarter a year ago.
The company’s cash balances also fell during the financial year from more than RM300 million in 2010 to RM110 million, while trade receivables increased to RM228 million from a mere RM125 million a year ago.
Zheng said the resignation was due to “some personal reasons”, while Tam resigned due to heavy commitment to consultancy works. Tam was also the chairman of the audit committee prior to his resignation.
The CFO quits!!!!
The Chairman of the audit committee also quits!!!!
What???? What????? What????
Good grief!!!! How can this be happening????
How on earth could such a company be allowed to be listed in our stock exchange!!!!!