Asia Fashion responds to auditor's qualified opinion

Singapore

ASIA Fashion Holdings' independent auditor, Foo Kon Tan LLP, has included a qualified opinion on the company's financial statements for the financial year ended Dec 31, 2014.

Issues flagged include the inability to ascertain the appropriateness of compensation claims and opening balances of the group; unverified transactions pertaining to an associated company; and the recoverability of loans.

The former synthetic fabric maker now in the materials business responded to the qualified opinion on Tuesday, saying that the compensation claims relate to the operations of the group comprising Qianfeng…