GPlus unable to meet deadline to submit accounts

  • Business
  • Wednesday, 30 Apr 2008

KUALA LUMPUR: Golden Plus Holdings Bhd (GPlus) said it was unable to meet Bursa Malaysia Securities Bhd’s Wednesday deadline to issue its audited consolidated financial statements for the year ended Dec 31, 2007.

Instead, the company said it expected to issue and submit the statements by July 31. It added the extension was necessary for the external auditors, Messrs Moore Stephens to conduct an in-depth review on the records and accounts of the subsidiaries in China.

These two subsidiaries were not audited by them due to various suits, allegations and complaints made by two shareholders --Indian Corridor Sdn Bhd and Pembangunan Qualicare Sdn Bhd.

“GPlus is expecting the external auditors to complete their tasks in relation to the said review within three months. The external auditors are expected to leave for Shanghai to conduct their review in the next two weeks,” it said.

If the company was unable to meet the deadline, Bursa Securities would take action to suspend the trading of the securities.

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