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