Thursday, 5 April 2012

PwC : Irregularities in Xian Leng’s accounts

KUALA LUMPUR (April 5) : The special audit on XIAN LENG HOLDINGS BHD [] revealed financial irregularities in its fish farm development capital expenditure amounting to RM90.7 million of which a total of RM85.7 million was disbursed under "questionable circumstances".

In a statement to the exchange on Thursday, Xian Leng which undertakes commercial breeding of ornamental fish, said the auditor PricewaterhouseCoopers Advisory Services Sdn Bhd (PwC), had disclosed that there was lack of evidence that the RM85.7 million portion was paid to four contractors, as indicated in Xian Leng's records during financial years 2005 to 2008.

According to the audit findings, the cheque payments were authorised by on Xian Leng managing director Ng Huan Tong, while signatories to the cheques were two former board members: Chua Chong Seng and Lim Wan Hong.

Lim is the spouse of Ng, who had voluntarily resigned from his position last Tuesday as PwC finalised its investigation. Xian Leng said its board is deliberating on the next course of action, which may include lodging a police report.

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