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Guangdong Kelon Electrical 29 Investors Reported Claims 2.1 Million

, 29 shareholders sued Guangdong Kelong Electrical Appliance Co., Ltd. and Deloitte Touche Tohmatsu CPA false securities information, resulting in stock losses they suffered in the Guangzhou Intermediate People's Court case trial.

Learned that from 2007 onwards, for nearly 200 companies and shareholders sued the Kelong

Claimant , Of which 141 received a total of more than 1000 million of mediation for compensation. 29 shareholders for the mediation fails, go directly to the proceedings yesterday. It is reported that the remaining 30 shareholders claims are also expected to sit.

Kelon inflated false claim hundreds of millions of investors 20 million profit 200

According to CSRC statistics, Kelon Electric from 2002 to 2004, to fictional main business income, less about litigation and other means of compensation make up a false financial report, inflated profits totaled 387 million yuan. July 29, 2005, the former chairman of Kelon

Gu Chujun Detained. Subsequently, including Gu Chujun Kelon including nine former executives on suspicion of false investment, issuing false financial statements, misappropriation of assets and functions of the occupation of four counts charged. January 2008,

Foshan Gu Chujun first instance verdict in the hospital for 10 years in prison.

2006 7 5, SFC "Kelon Electrical disclosed in 2002, 2003 and 2004 annual report the existence of false records, material omissions and other illegal facts" Kelon Electrical and Gu Chujun and so on to make administrative the decision on punishment.

2006 7 6, Law Firm, Guangdong Heng Tong Cheng Cheng Ming-wei Liao according to lawyers to accept the text and other four shareholders of the commission, went to Guangzhou on file, the Guangzhou Intermediate People's Court proceedings. Since then, there are lawyers across the country commissioned by the small and medium investors Kelon Electrical sued Kelon Electrical compensation for the company to investors false statements to investors and other irregularities caused by the loss, as of October 29, 2008, a total of 202 shareholders claim the amount of 2,000 million.

141 shareholders accept the mediation compensated 10 million

Reporter learned from relevant channels, the Guangzhou Intermediate People's Court from the public attention to this class action case to take a series of alternative measures. Hire a lawyer if the same few people or hundreds of units to review the merger to reduce time and improve efficiency, while many organizations, both mediation and calculate the specific compensation plan. Also proposed to let Kelon compensation, followed by the Kelong and Deloitte had between the amount of compensation be consultations.

Efforts of the court, the reporter was informed that there are 141 shareholders present stage of the proceedings without a trial, a total of more than 1,000 million was the amount of compensation mediation. But as for how much each person compensated, and the prosecution of any gap between demand and so on, the Guangzhou Intermediate People's Court were not to disclose. Wei Zheng name from the press then was informed by counsel, his agent received more than 50 investors of about 4 million compensation mediation, but the request for compensation with the prosecution of comparison, only reached the 70%.

29 investors do not want to mediate claims 2.1 million

Reporter learned from relevant channels, yesterday (August 17, 2009) of 29 sessions reason investors did not accept the mediation, to enter a lengthy process, because the mediation program Kelon given on request, to mediation, then we must all accept the 29 individuals. Certainly the amount of compensation due to the mediation request is lower than the prosecution, 29 were among some willing to accept, some are not, and finally had to enter the proceedings, findings by the court.

Yesterday (August 17, 2009) the day's court session, lawyers for 29 plaintiffs, said Kelon as a public company through financial fraud, three years of inflated profits of 387 million yuan, to deceive investors, to shareholders of the normal investment caused huge losses. Kelon's false statements and violate the "Securities Law" provides the information disclosure obligations, information disclosure in the published paper making false statements, a serious violation of the legitimate interests of shareholders as investors, leading investors, as investors transactions in securities investment to make the wrong judgments, suffered economic losses. Kelon company's right to know against the plaintiff shall bear the liability.

Deloitte & Touche LLP as Kelon

The company hired an accounting firm, in its audit process, the real uncertainty on the Kelon's report made reservations, failed to fulfill their responsibilities accountant audit, should Section Long the company to investors jointly and severally liable for damages caused.

Result, 29 investors made a total of 2 210 million defendants claim.

Trial focus 1 implementation date to determine the false statement?

Yesterday (August 17, 2009) the court trial, the defendants have denied the need for responsible investors fear the loss. Kelon will blame on the stock market, the Deloitte firm claimed that they have done to remind the responsibility. The morning focused on "the implementation date of false statements" to be is the day, the focus of the afternoon in the Deloitte accounting firm should not fear responsibility.

Kelon company attorney that, in 2004, the country's stock market in general is poor, affected by the broader market, investors mainly because of stock market losses caused.

Deloitte attorney as that of copper, aluminum,

Steel Have significant price increases of raw materials, is caused by market risk factors. Should have a scientific and reasonable way to identify systemic risks in the stock market, and not simply because of false statements that result.

In addition, in accordance with the Supreme Court's judicial interpretation, investors in the false statement and after the implementation date to before the date of disclosure or correction to buy the securities; investors a false statement on disclosure or correction and beyond, due to selling The securities losses incurred, or due to the continued holding of the securities resulting in a loss, can be compensated. And this "day" how to determine a direct bearing on the number of shareholders to succeed it, and even some investors to directly be able to sue.

But just found this time, the original three defendants actually three different answers given. The plaintiff said that the Commission should be disclosed in the media for the first time "for investigation" based on the time Kelon's; the two defendants that the "investigation and" the time is suspected, the Commission should be formally recognized Kelon is a "false statement" day prevail. Finally the judge announced, in the end by which time as, say three have their own reasons, be made final after a judge found the collegial.

2 responsible for the audit firm should worry?

And yesterday (August 17 2009) afternoon time trial, over half are concentrated in the Deloitte accounting by the evidence to prove their "non-off."

The accounting by the view that they have fulfilled the responsibility of the audit, issued by the evidence that in 2002 and 2004, two years of Kelon's financial audit report also mentioned
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