Documenting The Birth of Hacktivist

Hacktivist

Anonymous accuses Chaoda of fraud – FT.com

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Anonymous, the amorphous cyber-collective, has made its first foray into securities analysis by accusing a scandal-plagued Chinese company of fraud.

Self-proclaimed members of the computer hacking group released a 38-page “Anonymous Analytics” report on Tuesday alleging that Chaoda Modern Agriculture, one of China’s biggest vegetable producers, had falsified its financial statements and swindled investors.

Chaoda, which is listed on the Hong Kong stock exchange with a market capitalisation of $460m, is one of dozens of Chinese companies that have been accused of fraud in recent months, often by short-sellers seeking to profit from a decline in their shares. China Forestry, a Chinese forestry company listed in Hong Kong, and Sino-Forest, its rival listed in Toronto, have also had their shares suspended from trading this year as regulators have probed their financial statements.

In its report, Anonymous alleged that management have funnelled more than $400m out of Chaoda “under the cover of inflated capex spending and related party transactions”, having raised more than $1.1bn from investors since its initial public offering in 2000.

via Anonymous accuses Chaoda of fraud – FT.com.

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Written by gatoMalo

September 29, 2011 at 9:17 pm

Posted in Anonymous

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