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News Breaks
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April 6, 2011
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| 09:05 EDT |  | DGW |
| theflyonthewall.com: | Duoyuan Global Water Board forms Special Investigation Committee | | The Board of Directors of Duoyuan Global Water announced that it has passed the following resolutions in response to shareholder concerns: The Board has broadened the third party review, which was authorized by the Board on September 14, 2010 and is led by Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates, into a more thorough and exhaustive third party investigation. In doing so, the Board authorizes Skadden to investigate the company's business practices including but not limited to finances, accounting, operations and internal controls. Skadden will continue to be assisted by an independent accounting firm in the investigation. The Board has established a Special Investigation Committee to oversee the third party investigation. The Committee includes independent directors Joan Larrea, Ping Wei, Charles Firlotte, David Nickols and Frank Miu. The Board has appointed Joan Larrea as the Chair of the Committee. As the Chair, Larrea intends to devote fifty percent of her time to overseeing the investigation. The Board selected Larrea to head the Committee due to her independence and unique skill set, which includes fluency in Mandarin and extensive business experience in China. :theflyonthewall.com |
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