Amira Nature Foods: New Risks Create More Than 50% Downside
Since our last posting on Amira (NYSE:ANFI), we are amazed by the increasing number of discrepancies that continue to pop up. We have attempted to reach out to Management and IR but have not had much success. As those of you that have read our prior posts know, we flagged the suspect corporate governance practices in place in the Mauritius subsidiary. To recap, the two independent directors that sat on the Mauritius entity had affiliations with Grant Thornton, which is the Company's auditor. It amazes us that only after 1.5 years as a public company, did ANFI wake up to the fact that they were not in compliance...
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