Nam Fongˇ¦s frequent changes of auditors annoy minority shareholders

Nam Fong International Holdings Limited (1176) minority shareholders note after the SGM that they are not satisfied with the company which often changes auditors. Ms Liu, a minority shareholder, quotes SGM Chairman Zhai Zhi as saying that for explanatory details of the write-off issue, minority shareholders could talk to the management. The interim results of Nam Fong Int'l indicated that the company wrote off a provision of $659 million for the projects of properties and development, and losses were up to $828 million. As to the financial reports of the interim results the accountant made no comments.

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