November 29, 2021

Silvercorp Metals Chairman Would Like These Gutless, Anonymous Letter-Writing Short-sellers to Man Up and Show Their Faces

A couple of weeks ago, Silvercorp Metals responded to an anonymous letter that alleged that the company was engaged in some dodgy accounting practices. Understandably, the company was irked by this little stunt, responding that it was complete BS and due to some short-sellers trying to take advantage of the rash of sketchy accounting scandals involving companies that have a connection to China.

Now, a second anonymous letter has appeared and the company is again going on a PR offensive to calm everyone down because, really you guys, nothing is fucked here and that these reptiles need to come out and start cooperating with investigators if they’re really concerned about things outside their wallets. And so everyone gets the message loud and clear, this was not delivered by some everyday flak but by the Chairman of the company, Dr. Rui Feng:

“I ask shareholders to exercise common sense in assessing whether these allegations of “fraud” against the Company have any merit whatsoever in the face of very significant revenues, tax payments and dividends, and particularly when the accusations are made anonymously by parties whose only interest is in depressing the Company’s share price. I invite the authors of the anonymous allegations to come out of the shadows and participate with the regulators in their investigations, if their concerns truly extend beyond the profitability of their short positions.”

Furthermore, the company’s independent committee has engaged a KPMG Forensic team to help get to the bottom of this. And they certainly know the traits of fraudsters when they see them. Everyone just chill out.

[via Silvercorp Metals]

A couple of weeks ago, Silvercorp Metals responded to an anonymous letter that alleged that the company was engaged in some dodgy accounting practices. Understandably, the company was irked by this little stunt, responding that it was complete BS and due to some short-sellers trying to take advantage of the rash of sketchy accounting scandals involving companies that have a connection to China.

Now, a second anonymous letter has appeared and the company is again going on a PR offensive to calm everyone down because, really you guys, nothing is fucked here and that these reptiles need to come out and start cooperating with investigators if they’re really concerned about things outside their wallets. And so everyone gets the message loud and clear, this was not delivered by some everyday flak but by the Chairman of the company, Dr. Rui Feng:

“I ask shareholders to exercise common sense in assessing whether these allegations of “fraud” against the Company have any merit whatsoever in the face of very significant revenues, tax payments and dividends, and particularly when the accusations are made anonymously by parties whose only interest is in depressing the Company’s share price. I invite the authors of the anonymous allegations to come out of the shadows and participate with the regulators in their investigations, if their concerns truly extend beyond the profitability of their short positions.”

Furthermore, the company’s independent committee has engaged a KPMG Forensic team to help get to the bottom of this. And they certainly know the traits of fraudsters when they see them. Everyone just chill out.

[via Silvercorp Metals]

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

Black Friday Footnotes: Carillion Liquidator Wants Lots of KPMG Money; EY Can’t Handle the Truth; Mattel and PwC Settle with Investors | 11.26.21

Carillion Liquidator Seeks $336 Million From KPMG [Bloomberg] The U.K. government agency charged with liquidating Carillion Plc has lodged a claim at the high court against auditor KPMG, the Sunday Times reported. The official receiver has accused KPMG of negligence in its audit of the U.K. contractor and quantified claims of about 250 million pounds […]