Universal Resource seeks legal advice on irregularities in special audit report

Singapore

UNIVERSAL Resource and Services said in a regulatory filing on Tuesday that it is seeking legal advice to pursue losses after irregularities in the cash and bank balances of its Chinese subsidiary, Sky Petroleum Technology Development (Tianjin), surfaced in a special audit report.

The independent working committee has since instructed the company's legal counsel to advise the company on the legal recourse it may have against all wrongdoers identified in the audit report. This is including, but not limited to, commencing civil actions to pursue the losses that the wrongdoers have brought on the company.