Personnel

Yesterday we told you how Yanion had blown over $400m on a series of questionable acquisitions from "independent third parties". Now we'll show you how China Treasure Greater China Investments, floated last year and with no disclosed links to Yanion, has thrown 58% of its net assets into shares of Yanion and two of its subsidiaries, without any announcements or shareholder approvals.

In the first of two stories, we peel away the layers of the onion that is Yanion, and we don't like what we find. You will see a series of questionable acquisitions at exorbitant prices, at least two of them involving the same "independent third party", followed by legal disputes, a disclaimed audit opinion, replacement of auditors, and massive write-offs.

The controlling family shareholder of HK-listed leather trader Dah Hwa International helped themselves to 32% of the shareholders' funds as unsecured interest-free "advances" and the independent directors did not prevent it. This story shows you just how ineffective INEDs can be when they are appointed by controlling shareholders.