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Trek 2000 auditors flag disclaimer of opinion

TREK 2000 International - a security solutions firm - on Tuesday said its auditors have flagged a disclaimer of opinion over its financial results for the year ended Dec 31, 2017.

Its independent auditors Moore Stephens said it was unable to perform the necessary procedures to determine if the financial statements of Racer Group are in form. The company sold Racer Group in 2017, resulting in a net loss on disposal of US$1.3 million.

The company has also appointed an external professional firm to conduct an independent review into the inconsistencies in accounting records and certain past transactions of the group. The Commercial Affairs Department is conducting its investigations into the affairs of the company as well. Both the review and the investigations are ongoing.

"Consequently, we were unable to ascertain the extent of the adjustments and/or additional disclosures, if any, that may arise from the ongoing reviews and investigations, on the financial statements for the current year ended Dec 31, 2017 and preceding years," the auditors said.