Independent auditors: Insufficient evidence for proper China Fibretech audit

Singapore

INDEPENDENT auditors have been unable to find sufficient appropriate audit evidence relating to China Fibretech's financials for its financial year ended Dec 31, 2015, which include compensation claims of about 470 million yuan (S$96.53 million) made by three customers against a subsidiary of the company.

China Fibretech, the troubled mainboard-listed dye maker whose shares have been suspended from trading since November 2015, on Wednesday released a report by its independent auditors RT LLP (see amendment note) revealing a lack of evidence for them to provide a proper audit of the company's financials.