When he started to pull apart the carcass of China Medical Technologies, which collapsed after a suspected $400m fraud, liquidator Cosimo Borrelli hit an obstacle.
KPMG, which had audited the company from Beijing since it listed in New York in 2005, refused to hand over its financial records. It even defied a court order to do so, citing Chinese security laws that prevent the removal of sensitive documents from the country.
Intent on tracking down the missing money — a senior executive’s wife, it was suspected, had gambled more than $100m of it in Las Vegas casinos — Borrelli hatched a plan.
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