Saturday, 27 May 2017

China Automobile Parts: "bad reputation"? (3)

Things continue to worsen in regards to China Automobile Parts, PKF issued the following rather strong worded statement.

PKF retracted their 2015 audited accounts since the financial statements for FYE2015 do not give a true and accurate picture of the financial position of the company.

Unfortunately, appendix 1 and 2 (mentioned in the text) are not enclosed. That is a pity, they might provide details when things started to turn sour, and how bad things might be.

Audited accounts being retracted from a listed company might be a first in Malaysia, but definitely not for unlisted companies, 1MDB being a rather "famous" example of that.

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