Mongolia Energy Corp Ltd (MEC, 0276) announced on 29-Nov-07 that PricewaterhouseCoopers (PwC) have resigned as auditors "as they do not have an office in Mongolia to render appropriate professionals for performing MEC's audits in Mongolia". Instead, MEC's board proposes (subject to shareholders' approval) to appoint Hong Kong firm CCIF CPA Limited (CCIF) as auditors. That begs an obvious question not answered in the announcement: does CCIF have an office in Mongolia? According to its web site, it has offices in Hong Kong and Shenzhen, but there's no mention of anything in Mongolia (or anywhere close). If not, then how is it that they are able to do the job but PwC was not? Shareholders should be told. Copyright Webb-site.com, 2007 Sign up for our free newsletter Recommend Webb-site.com to a friend Important notice: All material on this site, except where otherwise accredited, is copyright to Webb-site.com. Media and researchers are welcome to quote from articles on this site, provided that such quotation is attributed to Webb-site.com. The information in this site should not be relied upon by any person in making any investment decision. No responsibility or liability is accepted by Webb-site.com or any person related to it for any loss arising from or in reliance upon the whole or any part of the contents of this site. Persons who are in any doubt about an investment or potential investment should take professional investment advice. From time to time parties associated with Webb-site.com may own long or short positions in securities issued by or related to companies or governments on which we comment. |