Geotech’s Auditor Resigns Due to Alleged Scam Kingpin Chen Zhi

Geotech says Grant Thornton has resigned as the auditor of the company effective from Nov. 21, according to a statement to Hong Kong stock exchange.

• Allegation linked to Chen Zhi, a former executive director and the controlling shareholder of the company, gives rise to a conflict with Grant Thornton’s ethical responsibilities and client continuance policies
• Grant Thornton has determined it would be inappropriate to maintain its association with the company and is unable to continue in its capacity as auditor
• Chen is under the sanctions administered by OFAC in connection with his alleged involvement with the Prince Group Transnational Criminal ...