Auditors raise red flag on NWP over receivables, a yacht and a RM100,000 donation

The chief executive of one victim, depositor Saigonbank Berjaya Securities JSC (SBBS) - a unit of Malaysia's Berjaya Corporation Bhd - told Reuters that if the ruling was upheld, she had little hope of recouping her bank's $10 million from the perpetrator, who was sentenced to life imprisonment. "We can't afford to lose the case. This represents 70 percent of our capital. Our business may get suspended," Josephine Yei said in an interview.

KUALA LUMPUR: The external auditors of NWP Holdings Bhd have issued their qualified opinion over the timber company’s purchase of a RM1.56mil yacht and a RM100,000 donation made to a community service centre in Sabah controlled by one of its directors.

Messr. Ecovis AHL PLT also said that it was unable to ascertain whether the NWP would be able to recoup back some RM10.6mil worth of receivables and an investment of RM1.7mil made in an associate company.