New CSKI Director’s Spotty Employment History

On August 6th, China Sky One Medical, Inc. (NASDAQ: CSKI) announced the appointment of a new director, William Wei Lee. China Sky also announced the resignation of Jiang Qi-Feng, the 26-year-old graduate student who served as a CSKI director and “audit committee financial expert.” Lee will assume the role of audit committee financial expert, according to the China Sky press release.

While improvements in corporate governance at China Sky are certainly needed, Lee’s expertise appears questionable. Lee appears to have been employed by at least six different companies over the past ten years. One of these was Legend Media, Inc. (OTC: LEGE), a US-listed Chinese reverse merger with shares trading at $0.31. Lee’s other past employers reportedly include two management consulting firms and a European shipping company. With Lee’s limited background apparently focused on management consulting, Lee appears to have no work experience specifically relevant to dealing with China Sky’s complicated accounting issues.

Importantly, there is a discrepancy in SEC filings concerning the dates of Mr. Lee’s reported employment with two consulting firms. China Sky’s press release states that “from 2000 to 2002 he was a Senior Associate at McKinsey Management Consulting Co. Ltd. and in 2003 he was a Project Manager at Roland Berger Strategy Consultants Ltd.” LEGE’s 2008 Form 10-KSB states, “From 2002 to 2004, Dr. Lee worked for McKinsey & Co., a worldwide management consulting firm.”

Posted in China Sky One Medical, Inc.

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