"The plot thickens at mainboard-listed Next-Generation Satellite Communications, a week after news of a major discrepancy in funds that it had deposited with a Hong Kong finance company.
Next-Gen - a company on the Singapore Exchange watch-list and formerly known as Ban Joo & Company - reported on Thursday last week that out of the $26.8 million that the group had placed with the unnamed Hong Kong finance company, only $21,000 could be withdrawn. It has also said that it was unsuitable to name the finance firm at this stage.
Next-Gen said that available information shows Mr Hartanto holds a directorship and a 19 per cent shareholding interest in the holding company that owns the entire issued share capital of the moneylender."
Auditors should really make sure that this kind of situations are disclosed in a proper way. We have to wait for more news regarding this case, hopefully all will be revealed soon, including the name of the Hong Kong finance company.