Troubled Huishan Dairy missing most of its cash

China Huishan Dairy Holdings says it is missing most of its cash and has fallen more deeply in debt, further clouding its future following the disappearance of its treasurer and the departure of nine of its 10 board members. The company, which says it operates the largest number of dairy farms in China, said Monday in a regulatory filing to the Hong Kong stock exchange that it should have had about 2.9 billion yuan ($426 million) in cash and cash equivalents as of March 31, The Wall Street Journal reports. Instead, the company said that as of May 31 it could locate only about 467 million yuan, most of which is tied up in restricted bank deposits. Huishan said it would hire a forensic accountant to investigate the matter. Huishan also said it was 26.73 billion yuan in debt at the end of March, up from about 16.04 billion yuan just six months prior.