GPlus will meet Bursa to clear allegations of listing rule breaches

  • Business
  • Wednesday, 05 Nov 2008

PETALING JAYA: Golden Plus Holdings Bhd (GPlus) will meet Bursa Malaysia next Tuesday on allegations of breaches of listing requirements.

The company’s legal counsel Datuk Krishna Kumar told StarBiz that GPlus directors were asked to send representatives to explain matters pertaining to late filings of audited quarterly and annually accounts.

GPlus executive director Low Thiam Hoe said the company would be holding a board meeting tomorrow to discuss Bursa’s request for the appointment of a special auditor as well as other relevant issues.

Krishna said GPlus had not appointed BDO Binder as its special auditor as directed by Bursa in August as the company was still under the purview of a provisional liquidator.

“It’s the provisional liquidator’s decision whether to appoint BDO Binder as the special auditor.

“This is because he (the provisional liquidator) was the officer appointed by the court to take care of the company’s assets.

“Bursa must realise that the provisional liquidator does not take directives from Bursa,” he said.

He also pointed out that Bursa needed to file a formal application to the court for the request, which it had failed to do.

He also did not see the rationale for conducting the fifth audit as requested by Bursa.

“I don’t understand why a company under the watch of a provisional liquidator needs to spend close to RM500,000 to do something that has already been done,” he said.

He added that the indicative figure for the special auditor’s fee given by Bursa was RM300,000.

Furthermore, the scope and duration of the special auditor’s work was vaguely stated by Bursa.

Although the company had sourced quotations from three different firms, including KPMG and Ernst & Young, for the job, the auditors had not been able to give a fix quotation due to the vague job scope and duration given by Bursa.

The deadline set by Bursa for the appointment was Sept 3.

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