Could it be fake revenue? Would explain why the "receivables" remain outstanding. Payment plans with Chinese government entities - really? Does anyone find it strange that in 15 years, and even now, Phoslock has generated marginal sales revenue worldwide ex-China - but all of a sudden it was revenue in the tens of millions from China?
Whatever it is, these guys had a track record at Standard Water - from a Google search:
"The background to the SFC proceedings was a failed application to list on disallowed of Hong Kong by Standard Water, a company based in the Mainland. Standard Water withdrew its application shortly after E&Y, its reporting accountants and auditors, informed disallowed of its resignation upon discovery of certain inconsistencies in documentation provided by the company."
Did the board not perform due diligence before letting these guys in?
AFR report, page-19
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