'Qualified' opinion on Magnus Energy's accounts

Singapore

LEGAL wrangling over the ownership of a subsidiary has made it difficult for the auditors of Magnus Energy to determine the accuracy of certain parts of its financial statements.

This has led auditing firm Moore Stephens to give a "qualified" opinion on Magnus Energy's accounts for a second year, though it adds that the rest of the group's financial statements and balance sheets for the financial year ended June 30, 2014, are properly drawn up.