LionGold explains underestimated impairment

Singapore

DELAYS in a fund-raising exercise - due to the surprise visit by the Commercial Affairs Department - had caused LionGold Corp to be unable to assess the impairment of the value of an asset in time.

This, coupled with a rapid decline in gold prices, led the group to underestimate its impairment losses in its unaudited full year results for the year ended March 31, 2014.