SINGAPORE (Aug 31): IPCO International says its auditors had been unable to obtain sufficient appropriate evidence regarding "the nature and veracity" of a transaction related to Xiaogan He Shun Investment Management Centre.
This was because IPCO’s auditors were unable to obtain sufficient appropriate evidence as it was a “very recent misunderstanding”. The group was responding to further queries by the Securities Investors Association (Singapore) or SIAS.
The transaction in question involved the admission of two additional partners into Xiaogan He Shun which is the vehicle used for the implementation of the employee share scheme of Hubei Zonglianhuan Energy Investment Management Inc.
The two partners were also granted a 5% indirect interest in Hubei Zonglianhuan, one of the group’s cash generating units which holds 100% equity interest in four subsidiaries supplying natural gas under 30-year exclusive contracts in the cities of Anlu, Dawu, Xiaochang, and Guangshui in Hubei Province, China.