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Cedar Strategic to go through special audit

CHINESE real estate firm Cedar Strategic Holdings on Tuesday said it would go through a special audit to review its accounts for fiscal 2013 and 2014.

This came after it had applied in February for a time extension to report its fiscal 2014 results, citing the recent change in its chief financial officer and accountant. In March, it warned of a net loss for the full-year ended Dec 31, 2014, should a proposed disposal take place.

"The special auditor (SA) will carry out a thorough fact-finding process to verify whether there are any irregularities in the accounts and transactions of the group and thereafter the company will announce the report of the SA when it is available," the company said.

Cedar, listed on the Catalist board, had been queried by the Singapore Exchange (SGX) this month on the recent unusual volume movements of its stock.

It has switched its current trading halt to a trading suspension.

Late last year, Cedar's CEO left the company to join another S-chip, Changjiang Fertilizer Holdings. Changjiang Fertilizer Holdings, in turn, said in March this year it had been queried by the SGX over the leave of absence taken by its executive chairman, Cai Jian Hua. The company said Mr Cai was taking a leave of absence "to sort out his personal matters".

Changjiang Fertilizer, which had a disclaimer of audit opinion on its fiscal 2014 results, halted trading of its shares on Tuesday morning.