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[August 15, 2014]
Alibaba Pictures Finds Possible Accounting Irregularities, Trading Halted
(dpa-AFX International Compact Via Acquire Media NewsEdge) HONG KONG (dpa-AFX) - Alibaba Pictures Group Limited, a unit of Alibaba.com Ltd.(1688.HK), Friday said trading in its shares would be suspended from at 9:00 a.m., after the firm found possible accounting irregularities.
The firm said its new management has undertaken an initial review of the company's financial and business affairs, and has identified certain possibly non-compliant treatment of financial information in accounting records covering some previous periods.
In addition, on the basis of the initial review, the new management is of the preliminary view that insufficient provision for impairments of certain assets for the six months ended June 30, 2014 is likely to have been made.
The company is not yet in a position to comment on the potential impact this could make on its current and historical financial affairs.
The Board's audit committee has begun a further inquiry into the matters, and is currently uncertain how long the further inquiry will take.
The new management came after Ali CV Investment Holding Limited, an indirectly wholly-owned subsidiary of Alibaba Group Holding Limited, subscribed a majority stake in the company.
Copyright RTT News/dpa-AFX
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