UniFiber auditor, directors differ on going-concern issue

Singapore

AN issue over the going-concern status of forestry and pulp firm United Fiber System (UniFiber), as well as its failure to provide for default interest, led the company's auditor to refrain from expressing an opinion on its consolidated financial statements for the six months ended June 30, 2014.

The financial statements were prepared in connection with its proposed acquisition of Jakarta-listed coal miner PT Golden Energy Mines (Gems) through a reverse takeover. Similar concerns had been made for UniFiber's financial statements ended Dec 31, 2013.