PETALING JAYA: YNH Property Bhd has appointed UHY Malaysia as a special independent reviewer to conduct an independent assessment regarding certain joint ventures and turnkey contracts between the company and its wholly-owned subsidiary Kar Sin Bhd.
In a filing with Bursa Malaysia, YNH said the independent assessment was initiated due to its former statutory auditor, Baker Tilly Monteiro Heng PLT, issuing a qualified opinion on RM1.1bil paid in respect of joint venture and turnkey contracts entered into between joint venture (JV) parties or landowners for property development work.
“This qualified opinion pertains to certain potential undisclosed related party transactions with the JVs,” said YNH.
UHY will conduct the independent assessment by performing procedures such as obtaining background understanding on the JVs’ transactions, performing background searches on relevant parties and reviewing the JVs’ transaction.
“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.”