I wrote before about Scan Associates' rather "frivolous" legal action against Bursa Malaysia.
The company made the following announcement:
Four times the term "Material Litigation".
But, as detailed in an announcement the following day, it actually concerns a "Letter of Demand".
A case of rather sloppy reporting.
Of a much more serious nature was the announcement last week"
"The directors wish to announce that the auditors were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the Company’s and Group’s financial statements for the period ended 30 June 2015."
Next to that, there are the very serious allegations against the ex-CEO and ex-CFO.
The company is losing money badly, and has a negative net asset value. A miracle is needed, soon.