This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Duoyuan Global Water Inc.'s Special Investigation Committee - Announces Results Of Its Review Of Cash Positions With Banks And Status Of Special Investigation

Stocks in this article: DGW

BEIJING, Aug. 8, 2011 /PRNewswire-Asia-FirstCall/ --

Cash Position with Banks

Duoyuan Global Water Inc. (NYSE: DGW) ("Duoyuan" or the "Company"), is a leading China-based domestic water treatment equipment supplier. The Company's Special Investigation Committee (the "Committee") today announced that based on the available bank account statements, the Company's bank balances were approximately:

(i) USD$24,362,243 plus RMB801,756,757 (USD$122,286,126) equal to USD$146,648,369 on March 31, 2011, and

(ii) USD$23,221,331 plus RMB683,530,316 (USD105,409,872) equal to USD$128,631,203 on May 31, 2011.

The Committee utilized the Company's existing eight (8) online internet banking facilities for the March 31 and May 31, 2011 RMB balances, and those internet bank balances were consistent with the bank statements. Internet banking facilities for the USD accounts will be established, but were not available to review in connection with this press release. The cash balance dates selected for the disclosure above are ones the Committee deemed demonstrative for the ongoing investigation.

Status of Special Investigation

The Committee has advised that the special investigation is ongoing and that: (i) the Committee has engaged Baker & McKenzie and PricewaterhouseCoopers ("Special Counsel") to provide assistance to the special investigation to address various allegations made against the Company; (ii) Special Counsel is in the process of gathering more information and documents, including but not limited to banking documents and sales records, and conducting review and verification of documents and the information received; (iii) verification and review of the financial records, including the cash balance figures stated above, will be conducted; (iv) interviews have been conducted with certain key members of the management team, (v) further interviews will be conducted with additional members of management and with other relevant third parties, and (vi) given the  ongoing investigation, it is premature to report any conclusions.  

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs