Webb-report on Peace Mark (304)
Webb-site.com, by David Webb, has posted an article on Peace Mark this morning. One surprise is that Peace Mark and EganaGoldpfeil (48) are related. EganaGoldpfeil was a public company whose former directors were implicated for racketeering, falsifying accounts charged in 2006 and 2007.
The report mentioned some suspicious points from Peace Mark’s 2008 annual report that are worth clarifying:
- Deposits to ”business associates” of HK$ 327.8 million (They said it’s a deposit, but it is just an unsecured loan to some unknown business associates!)
- Investment in unlisted funds (HK$ 40 million was invested in an unlisted open-ended investment fund managed by professional investment managers” – very vague again!)
- Loans to share incentive scheme (Peace Mark would lend money to its employees, suppliers, customers, and advisers to buy Peace Mark shares at a discounted price)
- Share options for non-employees (even customer and professional advisers can receive Peace Mark options!)
Sounds quite shady! For details, you can go to http://www.webb-site.com/articles/peacemark.htm
