Auditors issue no opinion on ISR's accounts due to uncertainty over CAD probe

SINGAPORE - The directors and independent auditors of ISR Capital said they are unable to ascertain the impact of a police probe on the company and its business operations.

In April, ISR, together with five other wholly-owned subsidiaries and two funds - including two subsidiaries of one of the funds - that are managed by a subsidiary of the company, were served notices by the Commercial Affairs Department (CAD) for an investigation into an offence under the Securities and Futures Act.

These required ISR and the entities to provide CAD with access to certain data.

Since then, ISR said the CAD has not provided it with details of its investigation.

The uncertainty arising from the CAD probe was also the basis on which auditors PricewaterhouseCoopers issued a disclaimer of opinion on ISR's financial statements for the year ended Dec 31.

ISR is one of several listed companies that have asked by the CAD to assist in investigations following a penny stock crash last October.