Yincheng Life Service Co., Ltd. (HK:1922) has released an update.
Yincheng Life Service Co., Ltd. has engaged PricewaterhouseCoopers Management Consulting (Shanghai) Limited as an independent forensic accountant to investigate allegations of unauthorized payments and undisclosed related-party transactions involving key executives. The investigation follows claims of misappropriation of funds by individuals including off-the-books bonuses and misuse of listing proceeds. The company cautions shareholders and investors to exercise care when dealing with its securities amidst ongoing investigations.
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