Has time run out for troubled Chinese water company Tianmei?
Health & Biotech
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The former auditor of troubled bottled water company Tianmei Beverage Group wants to wind it up, alleging it hasn’t been paid.
BDO East Coast Partnership claims it hasn’t been paid approximately $43,874.65, and sent the wind-up notice last month. A hearing is set for next week.
Tianmei (ASX:TB8) says it’s taking legal advice.
The company started with a roar after it listed on the ASX in February last year: they were making money and posted a healthy, unaudited, $30m profit for 2017.
And said they were looking at a blockchain-based traceability system for their bottled water.
But the wheels began to fall off in February this year.
Publicly, the turn began when a major Chinese shareholder Biotechnology International Holdings demanded they change their auditor.
That led to the company being late in lodging audited full year accounts, and the suspension of their shares by the ASX.
At the same time, their company secretary Nicholas Ong quit that job and his role on the board. His successor quit just a month later, and his five months after that.
Then from September onwards the board back to crumble: chairman quit and two executive directors, leaving just two directors on the board.
Tianmei replaced its Australian auditor and found a Chinese one, but is yet to deliver on those audited full year accounts.
Tianmei has been contacted for comment.