RE:The end is neigh - Canadian Directors & Management Resign By now, it is very likely that the value of the company is zero if not negative. Why? By the end of April, the filings still showed Mr. Guan had more than 9 million shares. When he doesn't have the motivation to do the auditing, it means he has known all the time the company and its shares do not have any values left.
Right now, investors would have to go after the individuals: Chinese executives and Canadian management alike.
The corrupt Chinese business people have one uncontrollable desire in their lives: to come to live in Canada after they make fraudulent money. If Mr. Guan ever dares to land on Canadian soil, you must report his fraudulent activities to the RCMP anti-fraud division. You could also write to the Immigration Canada and ask the immigration officers to ban his entry to Canada.
Here is how you could deal with the Canadian management and the board of directors. Since they utterly failed their fiduciary duties, you should ask the Ontario Securities Commission to list their names in its warning list. The individuals should never serve on the boards of public companies anymore.
Michael Lam, the CFO, is a CMA. Since his behavior is totally unbecoming of the professional conduct of a CMA, you should complain about him to the Certified Management Accountants Ontario. Imagine a CFO is not aware of an auction that sells the entire company! That amounts to a Monty Python farce!
Investing is about a long term commitment no matter whether it is winning or losing. All good when it is winning. But, when it is losing, you should track, with the same vigor, the activities of those perpetrators for the rest of their lives to prevent them from harming others again.