Bigtime Investors Lose Big on China
Hank Greenberg has been nonchalant of late when talking to the likes of CNBC about his fund's disastrous investment in China MediaExpress, another flame-out that saw Muddy Waters play a role, though short-sellers had been circling around the company for months.
In March, MediaExpress's audit firm, the Chinese affiliate of Deloitte, resigned after saying it had uncovered accounting impropriety. The SEC has launched a probe into the company -- a probe that likely is coupled with the agency's broader investigation (reported by TheStreet in December) into possible widespread securities violations among Chinese companies.
Greenberg's investment vehicle, C.V. Starr, filed suit against MediaExpress and several of its executives not long after the brouhaha erupted, alleging that it had been duped out of its money.Starr had built a 12.3% stake in CCME before evidently trimming the position. As of March 31, Starr held 8.3% of the company, according to Edgar Online. A spokeswoman for Starr said the fund had no comment.
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