Thursday, December 16, 2010

Bursa Malaysia serves court order on Golden Plus to appoint PWC special auditor

KUALA LUMPUR: Bursa Malaysia Securities Bhd has served a court order on GOLDEN PLUS HOLDINGS BHD [] (GPlus), directing it to appoint a special auditor to review the group's affairs from January 2006 to May 2010.

Bursa Securities said on Thursday, Dec 16 it had served a sealed court order granted by the High Court of Kuala Lumpur directing GPlus to appoint PriceWaterhouseCoopers Advisory Services Sdn Bhd (PWC) as the special auditor.

'The special auditor will undertake to review the affairs of GPlus and its subsidiary companies (GPlus Group) for the period from January 2006 to May 2010,' it said.

The tasks ahead for PWC would be to review movements of cash, assets and liabilities and significant/unusual/abnormal transactions (if any) of the GPlus Group, including intercompany transactions, relationships between parties involved in the intercompany transactions and in the event of any contravention of the Listing Requirements, to render suggestions on the potential avenue of recovery that may be available.

Bursa Securities said PWC would also have to ascertain the nature and extent of China Idea Development Ltd's involvement in the business of the GPlud Group in China.

The order which was obtained on Nov 29, 2010 required GPlus to comply with the directive within three days of service of the sealed court order.

'The directors of GPlus may be in contempt of the court order and liable to committal proceedings if GPlus fails to comply with the court order,' Bursa Securities said.

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