Remisier kings
The cousins who have taken over Peter Lim’s throne View PDF
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In the financial year ended March 31, LionGold had reported a loss of $189.1 million and net cash outflow of $23.2 million. While the group claims it has embarked on various initiatives to obtain funding for its investment and operational needs, PwC says in an independent auditor’s report dated Oct 23 that it is “unable to obtain sufficient appropriate audit evidence regarding the likely outcome of these initiatives”.
“If the group is unable to raise the required funding, it may be unable to continue in operational existence for the foreseeable future and adjustments would have to be made to the financial statements,” said the auditor the report.
Furthermore, PwC says the LionGold and one of its subsidiaries were served notices by the Commercial Affairs Department (CAD) of the Singapore Police Force in relation into an offence under the Securities and Futures Act, Chapter 289.
“As the CAD has not provided details of its investigation, we are unable to ascertain (a) whether the investigation would have an impact on the group’s ongoing business operations; and (b) significance of adjustments, of any, that mat arise from the investigation, to the accompanying financial statements,” added PwC.
For these reasons, PwC says it has issued a disclaimer of opinion for the financial statements of LionGold for the financial year ended 31 March 2014.
Last October, share prices in LionGold as well as Blumont Group and Asiasons crashed last October, wiping out around $8 billion in market value in just two days after huge run-ups. The scandal has led to a series of proposed reforms to the city-state's stock trading rules.
LionGold closed 11.4% lower at 3.1 cents on Friday.