atans1

Time investors to put pressure on Hyflux’s auditor?

In Accounting, Corporate governance on 22/05/2019 at 7:03 am

Lim Tean has said he’s been talking to a group of Hyflux investors who lost money. Well they should and other Hyflux investors should take note that KPMG (their watchdog)

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KPMG’s role in Hyflux

“When KPMG issued an unqualified opinion on the full year results for the Hyflux Group in March 2018, there were no events or conditions that individually or collectively, cast significant doubt on the going concern assumption as at the balance sheet date of 31 December 2017, or at the audit report date of 22 March 2018.”

Then according to Hyflux, everything went wrong when in May, there was a run on Hyflux by its banksters. Because of its bad (and unexpected?) Q12018 results announced on 9 May: “certain financiers expressed concerns over their ability to continue with existing credit exposures to the group.”* They tot halal Hyflux had transmuted into haram Hyflux.

Hyflux on investor losses: “Not our fault, banksters at work”

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is in more trouble in the UK. British regulators have called for KPMG to be fined at least a record £12.5m for misconduct in its work for Bank of New York Mellon.

(It’s other UK troubles: Hyflux: “going concern” BS/ KPMG again and again)

Time to shakedown KPMG for $.

 

  1. Unlikely to happen in pro-biz S’pore, LOL!!!

    Good publicity for Tean though.

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