CME Group, G Neptune auditors issue ‘material uncertainty’ statements

PETALING JAYA: The external auditors of CME Group Bhd and G Neptune Bhd (GNB) have issued statements of “material uncertainty related to going concern” in respect of the groups’ financial statements ended June 30, 2018 (FY18).

In a filing with Bursa Malaysia, Messrs Baker Tilly Monteiro Heng noted that in FY18, CME had incurred net losses of RM30.5 million, and as of that date its current liabilities exceeded its current assets by RM30.4 million.

Separately, Messrs Moore Stephens Associates PLT noted that GNB had in FY18 incurred a net loss of RM521,192, RM3.05 billion current liabilities, with outstanding loan payables amounted to RM1.06 billion at group level.

The auditors said that these conditions indicated that a material uncertainty exists that may cast significant doubt of the groups’ ability to continue as a going concern.

GNB said it is committed to structuring a strong rationalisation plan that will bring the group back to a stronger foundation in order to exit its GN3 status.

GNB, which is required to submit a regularisation plan by Nov 30, said it is still in the process of evaluating its option to formulate a plan to regularise its financial condition.

Meanwhile, CME said the financial position of the group would be further strengthened to address any significant doubt on its ability, and accordingly, realise its assets and discharge its liabilities in the normal course of business.

Source: TheSunDaily