FSBM issued qualified opinion on FY15 results

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This article first appeared in The Edge Financial Daily, on November 3, 2015.

 

KUALA LUMPUR: FSBM Holdings Bhd’s auditor has issued a qualified opinion on its audited financial statements for the financial year ended June 30, 2015 (FY15).

This is due to the external auditor not being able to ascertain whether RM8.66 million in trade and other receivables of the group due from Technitium Sdn Bhd is recoverable.

In a filing with Bursa Malaysia yesterday, FSBM said its external auditor Messrs Ernst & Young said included in trade and other receivables to its FY15 financial statements, is an amount due from Technitium of RM7.61 million (RM33.74 million deducting impairment amount of RM26.13 million) and RM1.04 million (RM8.77 million deducting impairment amount of RM7.73 million) respectively.

FSBM also said in furtherance to the legal actions brought by the group against Technitium for the recovery of debts, it had filed a suit in the High Court for the recovery of debts against the two directors of Technitium and an individual.

In addition, there is a legal claim brought by the group against a debtor of Technitium for the outstanding balance due and owing to Technitium.