Sunmart calls EGM to appoint new auditors

CONTROVERSY-RIDDEN S-chip Sunmart Holdings has called for an extraordinary general meeting (EGM) to seek shareholder approval on the appointment of new external auditors, after several troubled years for the company.

The move can be seen as an attempt to start afresh by the spray products maker, after its previous auditors flagged suspicious transactions recorded by Sunmart's subsidiaries; a special probe subsequently found these entries to be fictitious.

The EGM will be held on Jan 10, and will be for the purposes of approving the appointment of Nexia TS Public Accounting Corporation as the company's new auditors.

The notice for the meeting adds that EY, Sunmart's previous auditors, "has confirmed that, except as disclosed in its auditor's report dated April 2, 2013, where it issued a disclaimer of opinion on the consolidated financial statements of the company, it is not aware of any professional reasons w…