By Tom Winnifrith, The Sheriff of AIM | Friday 14 July 2017
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
In a brochure boasting of its (dis) services to the capital markets, auditor PKF Littlejohn proudly lists some of the clients it has helped bring to London’s capital markets (some of which it also audits). The roll call of shame includes:
· Filthy Forty members - JQW and Auhua Clean Energy;
· Serial Dogs - Fusionex International, Magnolia Petroleum and Atlantic Coal; and
· Bargepole of the highest order - Yujin International.
I am sure that PKF Littlejohn complied with all relevant standards and procedures in delivering its work and would argue that it was merely unfortunate that so many of the companies it brought to the London markets and is associated with have performed so badly or turned out to be frauds.
A cynic might argue that PKF Littlejohn is prepared to deal with almost any firm and management team providing that firm can pay, regardless of the reputational risk. The cynic would cite PKF's appointment as auditors to African Potash on 12 April 2017 after all the adverse publicity and evidence of fraud at that company as evidence of this.
But I am no cynic so just say what jolly bad luck PKF appears to have had. And it is not as if MySquar is drowning in red flags is it? Oh....er...
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