Golden Plus awaits court directive

  • Business
  • Friday, 07 Nov 2008

PETALING JAYA: Golden Plus Holdings Bhd (GPlus) will not appoint BDO Binder as its special auditor unless it receives directives from the court to do so, says provisional liquidator Ng Pak Yeow.

He said the company had gone to court for directions in the appointment of a special auditor to comply with the request made by Bursa Malaysia earlier.

“As said many times, the scope of work for the special auditor as provided by Bursa was vague and unclear,” Ng told StarBiz, declining further details on the issues raised in its board meeting yesterday.

“We don’t want to reveal too much at this juncture as we don’t want to give preemptive judgement to the court affecting its decision,” he said, adding that the hearing for the application was fixed for some time this month.

However, Ng said GPlus expected the matter to take a longer period to settle.

Chairman Datuk Abdul Halim Abdul Rauf had, in the company’s AGM in September, said that GPlus would incur a total audit cost of RM700,000 to RM1mil if the special audit were conducted.

GPlus’ financial results were previously audited once in Hong Kong and China and twice in Malaysia due to its previous boardroom tussles with its major shareholder, Indian Corridor Sdn Bhd, on its investment in Shanghai.

The company’s board of directors said in the AGM that the matter had delayed the company’s progress in moving forward, including its expansion plans to Vietnam and India.

Meanwhile, the minority shareholders watchdog group (MSWG) has also raised concerns over the high finance costs incurred by GPlus during the year.

However, the company, in its response to MSWG, said it had taken the necessary measures late last year and early this year to address the issues.

It said it had entered into various agreements as well as reduced its staff strength substantially.

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