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Yorkshine Holdings says former CEO withheld records, books; police report filed
YORKSHINE Holdings responded to queries from the Singapore Exchange after trading hours on Friday that certain books and records of the group that its previous executive chairman and CEO, Chow Kin Wa, withheld include accounting vouchers of the group, bank loan agreements and banking facilities, fixed assets register, and other trading related contracts such as sale and purchase contracts.
He was ousted in January, following an investigation into the group's conduct relating to the trading and distribution of iron ore, coal and steel products.
The company has since filed a report with the Hong Kong Police on Feb 6, 2018 on the matter.
In the meantime, the company will not be in a position to accurately ascertain nor evaluate the potential impact of loss until the Hong Kong Police has investigated and ascertained the facts surrounding the books and records which are missing, destroyed and cannot be located.
The company said that it would arrange third party internal control reviewer to undertake a review of the internal control system of the group and adopt appropriate remedial measures.
Further announcements will be made when appropriate, said Yorkshine Holdings.