Chinese companies keep giving crazy reasons for losing their financial records

Earlier this week a Chinese company said that it lost four years of financial records when a truck carrying them to HQ was stolen.

The truck was found, the documents were not. It was a very sad incident.

Now we have another harrowing tale of missing financial documents for you. This time from China’s Shanshui Cement Group.

On Thursday the company informed the Hong Kong Stock Exchange that it too was the victim of some kind of paper caper that resulted in “the loss of certain books, records, important documents and electronic data in the Company’s principal place of business.”

This time, though, it wasn’t thieves who stole the paperwork. It was a bunch of gangsters who suddenly rushed in and destroyed the paperwork.

From the Hong Kong Stock Exchange’s release:

Despite the cooperation and assistance of the Jinan Municipal People’s Government (the “Jinan Government”), it was reported by Shandong Shanshui that CHEN XueShi, a former director of Shandong Shanshui, together with a group of gangsters, barged into the Headquarters by force on 27 December 2015, destroyed the properties in the offices therein and assaulted the employees of Shandong Shanshui.

Shanshui’s stock is up 69% this year. Which doesn’t make it sound like the kind of company that would want its financial information to disappear.

But then of course you have to remember that trading was suspended in the stock this summer when Shanshui started having serious debt problems. Last month, it filed to wind up after failing to pay $307 million in onshore bonds.

So maybe the gansters were bondholders? It’s unclear.

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