Wednesday, 30 April 2014

HB Global: delay in audited accounts

I have written before about HB Global.

Yesterday the company announced:

"The Board of Directors of HB wishes to announce that the issuance of AFS 2013 will be delayed as Messrs. UHY Lee Seng Chan & Co., the new external auditors of the Company was just appointed on 21 April 2014 and the audit is currently still in progress. The Company wishes to provide more time for the external auditors to complete the AFS 2013 and is working closely with the external auditors to finalise the audit expeditiously. The Company expects to submit its AFS 2013 on or before 30 June 2014."

Delaying the accounts is a large red flag. The company knew before exactly the deadline for the audited accounts. The company risks that Bursa will suspend trading in its shares.

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