Linear Corp’s books may have been cooked since 1999, PwC said in its special audit released yesterday. PwC revealed that some of the sales transactions or net proceeds from trading activities could not be proven. For example, Imux (Asia) Ltd and LCI Global, subsidiaries of Linear Corp, claimed to have recorded sales of 58,050 units of solar energy panels totalling US$41m to Bucumert, a Romanian company.
• These panels were bought from Kinetic, a Hong Kong company, for US$34.5m.
However, the audit revealed that the panels sold to Bucumert were delivered to two locations in China which could not be physically located. (BT)
• These panels were bought from Kinetic, a Hong Kong company, for US$34.5m.
However, the audit revealed that the panels sold to Bucumert were delivered to two locations in China which could not be physically located. (BT)
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