RE:A press release is rumoured to be in the offing.company basically has gone quiet for 2 months which given the special situation with 2013 annual statement and q1 and q2 reports delayed, it essentially tells me there is much more going on than what the company is putting out publically.
as you said the food processing business is a pretty straight forward business, and therefore should be relatively simply to audit. so given it has taken 2 months now since the company got the finance seal to complete what normally should be completed with 3-4 weeks of work, frankly doesn't pass the smell test.
just a guess on my part, but the more stringent auditing standard that was put in place for all chinese listed companies could have the possibilities of discovering accounitng discrepencies or just outright fraud that was not evident in the past. therefore, the story about finance chop was merely a play to 'buy' some time.
if GRE is indeed a fraud, then it's certainly not the first chinese fraud we've seen before. all the positive business development in the form of press releases could've just been trying pump the stock. if you take a look at other chinese frauds on the american stock exchange, the same pattern can be observed.
at this point, one really has the comptemplate whether the canadian BoD has been duped or they are in this too. of course, i'm not inferring they've committed crime, but i'll let the lawyers and court decide.