SC imposes sanctions on YFG

PETALING JAYA: YFG Bhd has been slapped with sanctions by the Securities Commission (SC) for knowingly authorising the furnishing of false statements on Nov 5, 2014 in its amended audited financial statements to Bursa Malaysia.

In a filing with the bourse yesterday, the integrated electrical and mechanical solutions provider said it would review its financial statements and reply to the SC within a month.

According to the statement, the SC could not ascertain the RM3.375mil impairment loss adjustment made in the amended audited financial statements of YFG for the financial year ended June 30, 2014.

“As such, YFG is required to rectify and reissue the financial statements for the period by reinstating the impairment loss of RM8.442mil and make the necessary consequential amendments to financial statements accordingly,” it said.

The company’s board of directors were imposed a penalty of RM200,000 and a reprimand.

Last November, external auditors KPMG had issued a qualified opinion on YFG’s accounts, casting its doubts as to the company’s ability to remain as a going concern.

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