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NATURAL Cool's independent auditor KPMG has issued its report for the group's financial statement for FY2016, which included an emphasis of matter in respect of the board's decision to form an internal investigation committee to review irregular transactions and activities of certain subsidiaries in the paint division as announced on Feb 28, 2017.
These transactions and activities relate mainly to companies set up by employees (including persons that may be connected to the company's former directors) to operate a competing business using the assets and resources of these subsidiaries, and the incurrence and payment of unsupported expenses.
In Note 32 to the financial statements, the report stated that the ultimate outcome of the matter cannot at present be determined as the internal investigation is still in progress.
However, as the contributions from the paint business are not material to the group for the year ended Dec 31, 2016, KPMG's opinion on the financial statements is not modified in respect of this matter.