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Update: JES International's auditors issue disclaimer in FY2015 financial statement

Thursday, October 13, 2016 - 22:24

JES International said its auditors did not give its financial statements for the year ended December 2015 a clean bill of health.

In the independent auditor's report, the auditors attributed several factors for this including the non-preparation of consolidated financial statements and material uncertainties which may cast doubt on its ability to continue as a going concern.

JES International also said that it is making certain adjustments on its unaudited FY2015 results in the yet-to-be released audited statements mainly due to it having "inadvertently" not taken into account directors' salaries and fees.

Separately, the ailing Chinese shipping firm said that it has not been notified of any updates to the proposed restructuring of the group's subsidiaries in China since the Jingjiang Court public notice was released on Sept 20.

It said that the board has been exploring possible new business to be injected into the company and at this juncture, it would not rule out the possibility of any significant corporate action which may include a "very substantial" acquisition or reverse take over.

It also said that it has filed an originating summons in the Singapore high court on Oct 3 seeking to transfer 60.8 million shares in the company held by Yang Shushan to its controlling shareholder JES Overseas Investment and has not received any updates on the matter.

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