Lantian with China was the first state farms were auctioning reform in the mid 90s. Since its listing in 1996, Lantian recorded with a dazzling performance in its financial statements. However, in October 2001, its brilliant image was broken researcher, Liu Shuwei with its powerful 600-word article, which points to a crisis of liquidity Lantian. Consequently, all the banks in China have refused to lend to the company. Meanwhile, Liu faced defamation charges brought up by the company, which at first denied the allegations. The defamation charge was dropped in the end as Chinese regulators began to uncover the hidden truth that Lantian to really participate in the commission of false accounting and fraud. Chinese media have also dug a controversial background, mythical stories, and the previous record of fraud on the Lantian. Liu could reveal distortion based on some key financial ratio analysis, it remains skeptical about why such offenses are not related parties have been discovered earlier. On the other hand, the audit or CPA firm with Lantian noted that the fraud was not detected, it has moved much further than the SPD could find on the necessary procedures, and accused him of the Chinese environment conducive to accounting fraud. Circumstances was the scandal of Lantian as what CPA claimed? “Hide
by Amy Lau, Raymond Wong, Claudia HL Woo Source: University of Hong Kong, 22 pages. Publication Date: March 18, 2009. Prod. #: HKU827-PDF-ENG
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