Australian recruiting company Seek has been hit by multiple allegations of’ fraudulent ‘job offers,’ dangerous amount of debt ‘and’ questionable ‘inflated profit figures
The allegations, made in a new report by activist investment firm Blue Orca Capital, indicate that the bogus job ads were posted by companies that were in fact deregistered, in liquidation, or reported by Chinese authorities as « abnormal operations »
« Our investigation suggests Seek is a steadily growing Australian platform associated with a dying Chinese online recruiting platform along with fake resumes and bogus job postings, » says the Blue Orca report
The report caused Seek shares to fall 591% on Thursday after the report was released until trading was suspended at 12:11 AEDT
Seek also issued a statement to ASX announcing a temporary pause in trading « pending further announcement »
Seek to represent Zhaopin as Australia’s leading recruiting platform in China – but Blue Orca’s analysis found its popularity to be on par with rival Chinese recruiting platform 51jobs
Zhaopin was also second after recruiting platform BOSS, which had 60% more active users than Zhaopin
« Seek is a collection of steadily growing online recruiting platforms and a supposedly fast growing Chinese platform Zhaopin, which Seek says is the number one player in China We believe this image is false, ”says the report
« On paper, Seek looks profitable But take a closer look and those profits on paper have been facilitated by questionable non-cash gains and questionable strengthening deals with related parties
« From Fiscal Year 2015-2018, Seek Reported Cumulative Fair Value Gains of $ 336 Million With the exception of fiscal 2016, non-cash gains accounted for 26-41% of Seek’s annual profits «
Blue Orca noted that Seek’s share price at the close of Wednesday, October 28, 2020 was $ 2286, but valued the stock at $ 7.20
« Rather than valuing Seek as a fast growing online recruiting platform, we value Seek for what it is: a slow growing platform with a shrinking core business and carrying dangerous debt. »
Blue Orca’s analysis of Zhaopin’s job postings in three random major Chinese cities found that a ‘disproportionate’ number of job postings came from the city’s top 100 companies
Hundreds of job postings were also written by companies that did not have a website or WeChat account
« A lot of these companies just weren’t reachable. In another instance, when we called, the employer denied ever posting for positions on Zhaopin, » the report says
« In other cases, the companies we called about their job postings on the website even directly reported that the posts were fraudulent »
Blue Orca research also revealed a whistleblower complaint from a Chinese student who said Zhaopin paid people to submit fake resumes
The fraudulent ads, which are believed to be posted by Zhaopin customers, have consequences as they question the legitimacy of Zhaopin’s reported income and also signal Zhaopin’s declining popularity
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Seek Limited, ASX, Recruitment
World News – AU – « Rotten »: SEEK Receives Fake Job Applications
