Chinese fertilizer company Bodisen (BBC) is reviewing its past relationship with consultancy firm New York Global Group after it announced it was in danger of losing its listing on the American Stock Exchange. Bodisen, which became publicly traded via a reverse merger with a U.S. shell company in 2004, had been working with New York Global and its managing director Benjamin Wey (also known as Wei) since November 2003, but ended its affliation in September 2006. During that time, Bodisen says it made payments to Tianjin NYGC Investment Consulting Co., a China-based subsidiary of New York Global, worth about $6.1 million for commissions and fees on several financings and services. Bodisen received a letter from the American Stock Exchange in November informing them that they were not in compliance with certain listing standards and that the exchange believed that Bodisen had provided misleading disclosures regarding its association with New York Global. Bodisen has agreed to investigate and clarify its payments and agreements with the firm in order to keep its listing. Bodisen's special counsel law firm Reed Smith is assisting it in the investigation
