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HKICPA fines Elite Partners CPA Ltd (again) and William Chan Wai Nam and Jimmy Siu
HKICPA, 14-Jan-2020
This relates to the valuation of an option granted to China Finance Investment (0875) to require a third party to subscribe a convertible bond. We note that the option was valued at HK$215m in the 2015 accounts, or 64% of net tangible assets. It expired without being exercised and was written off in the next year's accounts. Chan, Siu and Elite are fined $35k, $20k and $50k. The audit fee for 2015 was $550k plus $350k for other services.
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