KUALA LUMPUR (Feb 17): YNH Property Bhd (KL:YNHPROP) said Messrs UHY has completed the independent assessment of certain joint ventures (JVs) and turnkey contracts entered into by its wholly owned subsidiary Kar Sin Bhd.
Barring any unforeseen circumstances, the property developer expects the final special independent review (SIR) report to be completed and issued by March 17.
In a filing with Bursa Malaysia on Monday, YNH Property said while UHY has issued the draft SIR report, it is currently under review and verification by the company’s audit committee.
“This process ensures the accuracy and completeness of the findings before the report is formally presented to the board of directors for deliberation and approval,” it added.
“The company is closely monitoring the progress, and will release further announcements if there are any significant developments.”
YNH Property had on June 12 last year appointed UHY as a special independent reviewer to conduct an independent assessment regarding certain JVs and turnkey contracts entered into by Kar Sin.
The independent assessment was initiated after its former external auditor Baker Tilly Monteiro Heng PLT issued a qualified opinion on the amount of RM1.1 billion the company paid to JV parties or landowners for property development work. This qualified opinion pertains to certain potential undisclosed related party transactions with the JVs, as stated in the audited financial statement for the financial year ended June 30, 2023.
However, Baker Tilly later ceased to be the company’s external auditor, as it notified YNH Property that it did not wish to seek reappointment in December 2023.
UHY was expected to complete the independent assessment within three months from its appointment, but the timeline was extended.
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Source: EdgeProp.my
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