Deloitte Touche Tohmatsu Ltd has resigned as an auditor for Tianhe Chemicals, as the chemical company faces serious criticism from Anonymous Analytics. This story was initially reported by ValueWalk in October of last year.
Morgan Stanley was one of the lead banks on Tianhe’s IPO, which turned out to be one of Hong Kong’s largest in 2014, and defended the company in recent sell-side reports.
Deloitte resigned after Tianhe’s board refused to accept disclaimer
Last September, Anonymous Analytics released a Strong Sell on Tianhe, noting in an email to ValueWalk the ‘biggest fraud since Sino-Forest’. Anonymous Analytics indicated that it’s hard to imagine that three years after the fall...
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