One of China’s largest chemical companies has had its email hacked and is fending off fraud allegations from the analytics arm of infamous hacking collective Anonymous.
Anonymous Analytics has accused Chinese chemical company Tianhe Chemicals Group of cooking its books to show inflated sales and has committed fraud. Tianhe has rubbished a report published on 2 September as a fabrication and this is a claim backed up by investor Morgan Stanley Private Equity Asia.
Tianhe’s statement read that the report “includes a combination of falsified information, forged signature of the company’s chairman and blatantly untrue statements,” and it comes after the firm revealed its email system had fallen victim to hackers.
Morgan’s Stanley Private Equity Asia’s chief investment officer Homer Sun backed this, adding the group “stand resolutely behind Tianhe’s world class management team”.
Anonymous Analytics’ report stated that Tianhe has overstated profitability, kept two different sets of books, allowed related parties to become its biggest customers and claimed sales of one product that are larger than the entire market.
Anonymous first formed its Analytics service back 2011 in an attempt to expose corrupt companies and championed transparency from the get-go. This isn’t the first time it has targeted firms based in China with mixed success against the likes of Huabao International Holdings, Qihoo 360 Technology, and Chaoda Modern Agriculture Holdings.
The former two companies saw no real effect with Qihoo 360 actually seeing an uplift in trading since Anonymous’ recommendation, however, Chaoda hasn’t traded since its shares were suspended in 2011 after the group questioned its finances.
Tianhe has yet to reveal the scope of the email infiltration or if anything was stolen during what is a worrying development for the firm. Shares in the firm have been suspended in Hong Kong and they were trading at HK$2.31 [18p] at the time thus valuing the company at HK$59 billion [£4.69 billion].