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Scandal-hit China Gaoxian's auditors issue "qualified" opinion on accounts

Published on Apr 6, 2014 4:14 PM

SCANDAL-hit China Gaoxian Fibre Fabric Holdings said its independent auditor has given a "qualified" opinion on the company's financial statements.

Auditor Foo Kon Tan Grant Thornton said missing information from previous years could have affected the accounts for the year ended Dec 31, 2013.

The bulk of the firm's accounting books and records for the period before April 1, 2011 could not be found, the auditor noted in a Singapore Exchange (SGX) filing.

The management could not give "satisfactory explanation" for differences between management accounts provided for audit and the audited statements of its Chinese units that were filed with Chinese authorities, it added.

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