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Auditors question ability of Raffles Education to continue operating
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There is no denying that Raffles Education's balance sheet is extremely weak, with financial leverage at almost 2.5 times.
PHOTO: RAFFLES.EDUCATION
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SINGAPORE - A shocking announcement by Raffles Education (REC) that its auditors had highlighted material uncertainty on its ability to continue as a going concern has added another chapter to the ongoing saga of the troubled company.
The announcement, made late Friday night (Oct 8), noted that the group's liabilities exceeded its current assets by $196.4 million for the financial year ended June 2021.
