332 The Disastrous Loss of Linhua Group (1/2)

Chapter 332: The Disastrous Loss of Linhua Group

Translator: _Min_Editor: Rundi

Xin was formed.

As to who suffered the most economically, it would be the Linhua Group working on the construction site.

The collapse of the old regime and the bankruptcy of Johnny International made Linhua Group's ten billion USD contract turn into a piece of scrap paper.

As to the two gold mines used by Johnny International as collateral, it was the typical trick, the old fox, Robert used. He first managed to find two abandoned mines and then hired geologists to reevaluate the gold reserve of the mines and fake a report. Then he took the gold Jiang Chen provided to create a production report in South Africa, completed the tax procedure, and produced a beautiful four quarters production report.

Immediately after, under Robert's directions of readjusting the business' focus, the two goldmines stopped operating. By using manipulation and forgery, the two goldmines were valued at 10.3 billion USD and completed the asset collateral verification.

Asset collateral verification was easy to fake since it was not an asset sale process. Therefore, the auditing team would usually not conduct an onsite audit. Robert even told Jiang Chen that even without the gold, he could still borrow gold from other mines to complete the asset verification process. A lot of mines were willing to do this because it meant that someone was willing to take on part of the tax burden for them.

Compared to the international capitals who fought through fierce market competition, Linhua Group, growing out of policies, was just a naïve baby still learning how to talk; they were no match against Robert who even dared to trick the FBA. Linhua Group's project team did carefully examine the fifty paged asset verification report, but they didn't think that the asset behind the iron seal of the South African government was fake.

Now that Johnny International was bankrupt, the two goldmines were given to Linhua Group as collateral. But when Wang Linhua wanted to sell it off for cash, he realized that the two mines were all abandoned mines.

Johnny International forged the gold reserve. The asset audit report was inaccurate.

As if a rumble of thunder had struck his head, Wang Linhua immediately became unconscious after he acquired the news and was sent to the emergency room by ambulance.

Insurmountable loss.

These were the only words that could describe the loss suffered by Linhua Group, or the Wang family. On the ten billion overseas project, Linhua Group had currently invested 2.5 billion USD. However, Johnny International had gone bankrupt the day before the first phase of the project contract was due for payment.

A loss of 2.5 billion USD in the first quarter, this financial report would blind the Linhua board.

And not long ago, Wang Linhua increased his holding of Linhua Group through the secondary market.

...

On the west coast of Coro Island was the most beautiful scenery of all the islands.

The deep blue shallow waters reflected a stunning light under the bright sunshine, just like the goddess of the sea's veil. The coral reefs hid among the sea waves as it divided the magnificent undersea world into an array of pictures.

The islands covered in vegetation scattered between Coro Island and Garlin Island, connected by deep or shallow sand beaches and formed a natural but sophisticated maze.

A car drove on the highway along the east coast. Jiang Chen rolled down the window as he gazed at the beautiful scenery from afar. He exclaimed,

”This is too beautiful.”

”Do you want me to slow down?” Ayesha asked gently.

”No need, we should go faster,” Jiang Chen narrowed his eyes as he stared at the seagulls at the end of the sky, ”I need to get rid of the annoying people from my island.”

With a grin on her face, Ayesha changed gears, ”Sit tight.”

The engine roared.

The car accelerated to a speed of 160 kilometers per hour as it turned into a blue shadow racing to its destination.

The speed may have been dangerous for ordinary people, but for Ayesha with the genetic vaccine, it was not a problem at all.

Moments later, they arrived at Linhua Group's camp.

With the car parked on the road, Jiang Chen saw from afar a group of people surrounding Linhua Group's door. Natives with hoes, scythes, and even sugarcanes surrounded Linhua Group's door. Everyone was emotional as they were preparing to enter forcefully.