Auditors issue qualified opinion on Multi-Usage Holdings accounts

PETALING JAYA: Multi-Usage Holdings Bhd’s (MUH) external auditors Messrs Baker Tilly Monteiro Heng have expressed a qualified opinion on its financial statements as at June 30, 2017.
The auditors said it is unable to obtain sufficient appropriate audit evidence to determine the nature and extent of relationship that may exist between the company and its special purpose vehicle (SPV) and its debt restructuring exercises.
“Consequently, we were unable to determine whether the company had control over the SPV; and whether the transactions between the group and SPV are related party transactions.”
Meanwhile, MUH and certain subsidiaries have been involved in litigations as defendants as well as plaintiffs and the outcome of these litigations are not presently known, therefore the auditors said the financial impact cannot be estimated or ascertained with reasonable certainty.
“Should the outcome of the litigation be unfavourable to the group, the group is required to make the necessary provision.
We are unable to determine the effect on financial statements, if any, had the outcome of the litigations be determined.”
MUH shares were unchanged at 61.5 sen today on some 10,000 shares done.