Instead of a loss of RMB23.2 million, WHKD was shown to have recorded a profit of RMB1.7 million for FY2019.
Wang Yaoyu, executive chairman of Darco Water Technologies has stepped down from his position, following a whistle blower’s report that audited statements of its China-based subsidiary has been modified on Wang’s instruction.
The whistle blower alleges that Wuhan Kaidi Water Service Company’s (WHKD) head of finance had changed certain key financial figures in WHKD’s audited financial statements for FY2019 ended Dec 2019.
