Further to A really curious incident, where I criticised SIAS for not KPKBing early, here’s one criticism it got right, though why didn’t it raise this earlier, much earlier?
“On Mar 22 2018, KPMG provided a clean a clean audit report for Hyflux Group for the financial year 2017. On May 22 2018, Hyflux Limited and a number of subsidiaries filed for court protection from creditors,” SIAS said, asking what transpired between Mar 22 and May 22 in 2018.Read more at https://www.channelnewsasia.com/news/singapore/hyflux-questioned-over-ceo-olivia-lum-remuneration-financial-11229034
Really shumething must be done about the audit prostitutes profession. Very related post:
Advertisements
High chance Olam would have gone the same route had Temasek not backstopped it & took it private. High capex cyclical commodities-related companies require deep pockets to ride out the down cycles (which can be stretched), and smaller companies without a ruthless scrooge approach to debts will often implode.