KUALA LUMPUR (Sept 6): Iskandar Waterfront City Bhd (IWCity)’s external auditor Messrs Ernst & Young PLT (EY) resigned as the group adhered to “good corporate governance” by revisiting the appointment of auditor from time to time.

The property developer said it received the notice in writing from EY to resign on a voluntary basis on Tuesday (Sept 6), and the auditor’s term of office will end 21 days from Sept 27.

Note that EY was only re-appointed as the group’s auditor at an annual general meeting (AGM) held on June 30, and to hold office until the conclusion of the next AGM.

IWCity, which is 35%-controlled by its executive vice chairman Tan Sri Lim Kang Hoo, said it will identify and appoint a new auditor to fill the vacancy.

Shares of IWCity closed one sen or 3.3% lower at 29.5 sen per share on Tuesday, giving it a market capitalisation of RM271.73 million.