Oriental Group hires special auditor to review irregularities

ORIENTAL Group on Tuesday said that it has hired special auditor RSM Corporate Advisory to review irregularities at the firm.

The steel trading and manufacturing firm earlier this year said that it found some irregularities in transactions made the company during the tenure of its former chief executive and former group financial controller.

There have been several irregularities to do with purchases of IT equipment in 2014 and 2015, including claims made to the Inland Revenue Authority of Singapore under the Productivity and Innovation Credit Scheme. Duplicate payments for, and unauthorised disposals of, these equipment were found, the company said.

It added earlier that the financial impact of allegedly unauthorised guarantees made by Oriental non-executive chairman Wu Dingrong and his son-in-law, Sun Lu, cannot be accurately ascertained yet.