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18-07-2018, 03:00 PM
Update Announcement
Vibrant Group Limited announced that the Group’s auditors, KPMG LLP, are unable to complete their audit of the Group’s financial statements for the financial year ended 30 April 2018. The reason for the Auditors being unable to complete the said audit is that during the audit of certain subsidiaries of Blackgold International Holdings Pty Ltd (formerly known as Blackgold International Holdings Limited) (“Blackgold”), namely, Chongqing Heijin Industrial Co., Ltd; Chongqing Caotang Coal Mine Resources Development Co., Ltd; Chongqing Guoping Heiwan Coal Mine Resources Development Co., Ltd, the Auditors have identified certain irregularities and discrepancies in respect of coal mining and coal trading receipts and sales invoices.
Background of Blackgold International Pty Ltd
Blackgold is a Chongqing, People’s Republic of China (“PRC”), producer of coal that was listed on the Australian Securities Exchange ("ASX") on 22 February 2011. Blackgold, through its PRC subsidiaries, owns and operates four (4) coal mines, as well as a commodity logistics and coal trading businesses. The statutory auditors of Blackgold were Crowe Horwath (Perth).
Blackgold is a wholly owned subsidiary of the Company. The board members of Blackgold comprise Eric Khua Kian Keong (executive director and chief executive officer of the Group, and a director of Blackgold), James Tong Chi Ho (a director of Blackgold), John Wu Zhonghan (a director of Blackgold) and Henry Chua Tiong Hock (executive director and chief corporate development officer of the Group, and a director of Blackgold). James Tong Chi Ho and John Wu Zhonghan were also directors of Blackgold prior to the Acquisition (as defined below).
More details in http://infopub.sgx.com/FileOpen/Announce...eID=516664
As at 15:00 SGT, Vibrant traded at 0.199 (-0.131), down -39.696%.
Vibrant Group Limited announced that the Group’s auditors, KPMG LLP, are unable to complete their audit of the Group’s financial statements for the financial year ended 30 April 2018. The reason for the Auditors being unable to complete the said audit is that during the audit of certain subsidiaries of Blackgold International Holdings Pty Ltd (formerly known as Blackgold International Holdings Limited) (“Blackgold”), namely, Chongqing Heijin Industrial Co., Ltd; Chongqing Caotang Coal Mine Resources Development Co., Ltd; Chongqing Guoping Heiwan Coal Mine Resources Development Co., Ltd, the Auditors have identified certain irregularities and discrepancies in respect of coal mining and coal trading receipts and sales invoices.
Background of Blackgold International Pty Ltd
Blackgold is a Chongqing, People’s Republic of China (“PRC”), producer of coal that was listed on the Australian Securities Exchange ("ASX") on 22 February 2011. Blackgold, through its PRC subsidiaries, owns and operates four (4) coal mines, as well as a commodity logistics and coal trading businesses. The statutory auditors of Blackgold were Crowe Horwath (Perth).
Blackgold is a wholly owned subsidiary of the Company. The board members of Blackgold comprise Eric Khua Kian Keong (executive director and chief executive officer of the Group, and a director of Blackgold), James Tong Chi Ho (a director of Blackgold), John Wu Zhonghan (a director of Blackgold) and Henry Chua Tiong Hock (executive director and chief corporate development officer of the Group, and a director of Blackgold). James Tong Chi Ho and John Wu Zhonghan were also directors of Blackgold prior to the Acquisition (as defined below).
More details in http://infopub.sgx.com/FileOpen/Announce...eID=516664
As at 15:00 SGT, Vibrant traded at 0.199 (-0.131), down -39.696%.
Specuvestor: Asset - Business - Structure.
