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China Taisan judicial managers can't obtain key records, seek time to report financials
THE judicial managers of China Taisan Technology Group Holdings are seeking a further extension of time to report the fabric maker's financials amid difficulties in obtaining key records, according to a filing with the Singapore Exchange (SGX) late Thursday.
The judicial managers from BDO, who were initially appointed on an interim basis in July, said that they have also been in preliminary discussions with parties who are interested in investing in the company.
SGX has given BDO up to two months from Feb 19, 2019 to announce its results for the second quarter, third quarter and full year of fiscal 2018. The Accounting and Corporate Regulatory Authority is still reviewing the application to extend the deadline for convening the annual general meeting for fiscal 2017 and to lay its 2017 financial statements at the shareholders' meeting.
The judicial managers said that they have not been able to obtain financial records for the company's sole operating subsidiary, Jinjiang Lianjie Textile & Printing Dyeing Industrial Co, in China despite various attempts to do so. Those attempts included sending representatives to the business address of Jinjiang Lianjie in China and attempting to contact the subsidiary's legal representative, Lin Wen Chang.
At present, no financial record pertaining to Jinjiang Lianjie has been provided to the managers and they have also not been contacted by Mr Lin, the judicial managers said, adding that even if they were to obtain the information they seek, it would take a "substantial amount of time" to assess the data.
The judicial managers said that discussions about potential investments are preliminary, and the identities of the potential investors cannot be disclosed at this stage.