FSL: three years of false king Wang chairman was investigated

Late on July 5th, FSL announced that the company received Guangdong authority under two copies of "the administrative regulatory measures decision" (hereinafter referred to as "decision"), ordered to publicly related transactions to conceal years, involving three years 2009 ~2011 annual report. Meanwhile, Zhong Xincai, chairman of the company due to violation is under investigation.

FSL is in the Disasters pile up on one another., exposed financial fraud, the company hopes the LED strategy colleagues have failed, the company had a halo of light may have all faded, the recent share price fell so.

Conceal related transactions

Guangdong securities regulatory bureau investigation found that the periodic report in 2009 annual report, FSL 2010 report and annual report, 2011 report and annual report, and did not disclose the Foshan knoch California Electric Appliance Co. Ltd., Foshan silangbo Enterprise Co. Ltd. the relationship, related transaction content.

At the same time, the company also did not disclose the relationship between Qinghai and (Hongkong) sky rare element technology development Co. Ltd, and jointly funded the establishment of Qinghai fozhao transactions lithium energy development Co. ltd..

Guangdong Bureau believes FSL conceal relationship and related transactions, in violation of the laws and regulations related to information disclosure of listed companies, decided to take measures to order them to correct the requirements of the company and chairman of FSL, Zhongxin in the date of receipt of the written decision within 10 days of the Commission designated media for information disclosure, disclosure of the relationship with the above four companies and nearly three years of related transactions, and the corrected 2011 Annual report.

Why FSL to conceal the company's related party transactions?

According to the "investor" understanding, Foshan Shi California knoch Electric Co., Ltd. was founded in December 28, 2007, the registered capital of $140 thousand, owned by Zhong Yongliang control. Foshan City long Bo Enterprise Co., Ltd. was established in July 19, 1999, the registered capital of 500 thousand yuan. Zhong Yonghui invested 475 thousand yuan, accounting for more than 95%; Huo Guang invested $25 thousand, accounting for more than 5%.

The relevant information shows that Zhong Yongliang and Zhong Yonghui are the sons of Zhong Xincai. Huo Guang is also the relatives of the bell. But in the last three years of FSL's annual report, has not mentioned the name Shi Nuoji, silangbo two companies.

In fact, FSL in recent years, illegal records show that the company does not regulate the issue of information disclosure for a long time, and repeated. However, FSL has not been rectification.

Chairman surveyed

Public information, was born in 1942, is the founder of the FSL veteran, in charge of this known as China Light King enterprise for 20 years. From 1964 to 1992 he worked for FSL, he served as chairman of the board and general manager. FSL has been focused on the lighting industry, earnings performance has been stable.

From 2008 to 2010, the company achieved a compound growth rate of 27.53%, not only adhere to the dividend, and the total increase in dividends.

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