Weiqiao Textile (02698) issued an announcement to refute and/or clarify the negative allegations in the negative report from Emerson Analytics Co. Ltd.
The report alleged that Weiqiao Textile's cash flows with Shandong Weiqiao Chuangye Group Co., Ltd resulted in cast doubts on the whole integrity of the company's financial statements for the year ended 31 December 2016 and Weiqiao Chuangye has been plundering the company's cash.
Weiqiao Textile clarified the allegations contained in the report are materially misleading, untrue and unfounded. The relevant disclosure of Weiqiao Textile's cash flows with Weiqiao Chuangye has been duly made in the financial statements of the company for the year ended 31 December 2016 and the company will seek the ratification and approval of the past fund transactions between the company and Weiqiao Chuangye from the independent shareholders at the extraordinary general meeting.
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