SFC wins first winding-up of a listed company over IPO fraud
China Metal Recycling (Holdings) Ltd · Scrap metal recycling
The case in brief
Visible before detection
Checks that could have surfaced it, on hindsight
Counterparty existence
Would have tested whether overseas counterparties were independent and real.
Can mislead when: Real companies can be used as pass-throughs. Existence does not prove a real trade, so C6 and C7 still apply.
Ownership / related-party links
Would have linked the nominees to the founders.
Can mislead when: Nominee directors and offshore layers hide links. Name matching throws up false positives, so every flag shows its evidence path.
Operating-metric verification
Would have compared shipment records with port and customs data.
Can mislead when: Contract staff do not appear in EPFO. Vahan access needs licensed APIs. Some businesses have no physical trace.
Where Kubr services would have helped
Financial diligence
Offered in India- C3 Would have linked the nominees to the founders.
- C4 Would have tested whether overseas counterparties were independent and real.
- C10 Would have compared shipment records with port and customs data.
Valuation context
Offered in India- C4 Would have tested whether overseas counterparties were independent and real.
Proceeds tracer
Offered in India- C3 Would have linked the nominees to the founders.
- C4 Would have tested whether overseas counterparties were independent and real.
- C10 Would have compared shipment records with port and customs data.
Verified Snapshot
Offered in India- C3 Would have linked the nominees to the founders.
- C4 Would have tested whether overseas counterparties were independent and real.
Mapped from the checks each service runs. A hindsight reading of public records, not a promise that the failure would have been found.
Same pattern
A summary of public documents. It reports what the sources say. It is not Kubr's finding and not a statement of guilt.