pudaCo's audit committee to continue probe (Follows alerts) July 12 (Reuters) - China's Puda Coal said its auditor Moore Stephens has resigned, effective immediately, and the auditor warned that audit reports for fiscal years 2009 and 2010 should no longer be relied upon. In April, the Puda stock had been halted by the American Stock Exchange after the company said it will investigate unauthorized transactions in the shares of subsidiary Shanxi Coal by Chairman Ming Zhao, alleged by an website. The auditor said management representations are inconsistent with the alleged unauthorized transfers of the subsidiary. The company's audit committee will continue its investigation into the alleged unauthorized transactions. Zhao, who is facing an internal probe for the alleged unauthorized transactions, had proposed to take the company private in April. (Reporting by Vaishnavi Bala in Bangalore; Editing by Joyjeet Das)
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