Charley Situ (Former Controller of LDK Solar)
December 12, 2007
As former financial controller for LDK, Situ blew the whistle that the company was overstating inventory values. Sure the stock value dropped, but what will pack the punch of Situ’s revelation is that LDK is one of the few Chinese companies traded on the NYSE- and therefore subject to Sarbanes-Oxley regulations. This sent shockwaves through China’s business community, which is already offended by U.S. slams on Chinese product quality and safety. Whether that will enhance or diminish NYSE’s ability to compete for international capital listings remains to be seen.
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