In an exclusive interview with Benzinga, Dan David of GeoInvesting answered questions about L&L Energy, Inc.
LLEN 10.74%.
Last month Geo wrote an article titled “GeoInvesting Blows The Whistle On L&L Energy,” which lays out the argument for L&L’s lack of legitimacy. Reasons including a coal washing facility the company claimed revenue from, but was closed, and mines the company supposedly owns, but their research suggests the company does not.
KPMG 2011 and 2012 Review
When asked how L&L got KPMG to sign off on their audits, David replied that “It’s not true.”
“That’s not the case at all. That’s what people on the internet like to say. KPMG is not signing off on their audit at all. KPMG is doing a review of their US audited financials. If you read the fine print, its a review and not an audit,” David said.
David then explained that a review is a check of documentation, not onsite visits.