Magnus Energy's auditor qualifies opinion over coal concession investment
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Independent auditor of oil-and-gas company Magnus Energy on
Monday issued a qualified opinion on the company's financial statement for the
year ended June 30, 2016.
Magnus Energy's auditor qualifies opinion over coal concession investment
Jamie Lee 10 October 2016
Independent auditor of oil-and-gas company Magnus Energy on Monday issued a qualified opinion on the company's financial statement for the year ended June 30, 2016.
It noted the impairment loss of about S$15 million that was recognised for the group's investment in coal concession rights. The impairment loss comes after deducting the related deferred tax credit of about S$6.1 million.
The auditors from Moore Stephens said the final impairment loss would depend on the ongoing legal proceedings over the group's ownership interest in PT Batubara Selaras Sapta, which holds the coal concession rights.
The auditors have not been able to determine "the validity and appropriateness of the carrying amount of the group's investment in the coal concession rights" given the uncertain outcome of the legal proceedings, they said.
TWO former senior employees of UOB Kay Hian Private Limited (UOBKH) were charged on Wednesday for allegedly lying to the Monetary Authority of Singapore (MAS) in relation to reports on a then Catalist aspirant. Lan Kang Ming, 38, and Wee Toon Lee, 34, each face three charges of providing MAS with false information in October 2018 in relation to due diligence reports on an unidentified company applying to list on the Catalist board of the Singapore Exchange. MAS said in a media statement on Wednesday that it was performing an onsite inspection of UOBKH between June and August 2018, to assess the latter's controls, policies and procedures in relation to its role as an issue manager for Initial Public Offering (IPOs). During the examination, Lan and Wee were said to have provided different versions of a due diligence report relating to background checks on a company applying to be listed on the Catalist board of the Singapore Exchange. UOBKH had acted as the issu...
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Jamie Lee
10 October 2016
Independent auditor of oil-and-gas company Magnus Energy on Monday issued a qualified opinion on the company's financial statement for the year ended June 30, 2016.
It noted the impairment loss of about S$15 million that was recognised for the group's investment in coal concession rights. The impairment loss comes after deducting the related deferred tax credit of about S$6.1 million.
The auditors from Moore Stephens said the final impairment loss would depend on the ongoing legal proceedings over the group's ownership interest in PT Batubara Selaras Sapta, which holds the coal concession rights.
The auditors have not been able to determine "the validity and appropriateness of the carrying amount of the group's investment in the coal concession rights" given the uncertain outcome of the legal proceedings, they said.