FU SHOU YUAN (01448.HK): Forensic Investigation Identifies 69 Suspicious Transactions Involving RMB 23.41 Million, Trading Remains Suspended
- Of the 69 suspicious transactions, 22 were cash withdrawals (RMB 8,015,353), 30 involved OK cards (RMB 2,894,000), six concerned general manager's expenses and corporate cards (RMB 800,000), one was a payment of unknown nature to a former employee (RMB 1,655,500) and 10 were payments to external companies (RMB 10,047,792).
- 19 transactions (RMB 8,937,649) were not subject to any approval, while the remaining 50 (RMB 14,474,996) were approved only by offline payment notices; the identifiable direct fund flows involving the former president totalled RMB 8,266,937.
- As regards the limitations of the investigation, the former president did not accept an interview and did not provide three company computers for electronic data forensics, three former employees refused interviews and four external payees did not cooperate with the investigation.
NewTimeSpace News: On 16 September 2026, Fu Shou Yuan International Group Limited (stock code: 01448) published its quarterly update on resumption progress, disclosing the key findings of the independent forensic investigation: the forensic accountant identified a total of 69 suspicious transactions within the scope of the investigation, involving an aggregate amount of RMB 23,412,645. After deducting five transactions double-counted between cash withdrawals and supplier payments (RMB 645,212), the figure stood at 64 transactions involving RMB 22,767,433.
By category, the suspicious transactions comprised 22 cash withdrawals lacking supporting documents, 30 multi-purpose prepaid cards ("OK cards") lacking records of receipt and use, six transactions of general manager's expenses and corporate cards, one payment of an unknown nature to a former employee, and 10 payments to external companies whose commercial substance is in doubt. Among the identifiable direct fund flows, suspicious transactions involving the former president totalled RMB 8,266,937.
The former president was removed from the position of president in December 2025 and ceased to be a director on 28 August 2026. The Company has replaced the fund approval positions of the finance staff involved in the payments under the suspicious transactions and has issued an updated group treasury management policy.
The Company's shares have been suspended from trading since 20 March 2026 and will remain suspended until further notice; the 2025 annual results and 2026 interim results have not yet been finalised, and the selection of an independent internal control adviser is still ongoing.
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