KUALA LUMPUR: YNH Property Bhd has appointed UHY as a special independent reviewer to independently assess “certain joint ventures and turnkey contracts” entered into by its subsidiary, Kar Sin Bhd.
The independent assessment was initiated following the qualified opinion issued by YNH’s former statutory auditor, Baker Tilly Monteiro Heng PLT, over a RM1.1bil sum the group paid to JV parties or landowners for property development work.
“This qualified opinion pertains to certain potential undisclosed related party transactions with the joint-ventures, as stated in the audited financial statement for the financial year ended June 30, 2023,” stated YNH in a bourse filing today.
UHY will, among others, identify potential breach or non-performance of the securities laws or a breach of any stock exchange rules.
“UHY shall commence their fieldwork immediately and is expected to complete the independent assessment within three months from their appointment, subject to the company’s compliance with the terms as set out in the engagement letter between UHY and the company.”