In separate filings with Bursa Malaysia today, Perwaja and Lion Diversified informed the regulator that their external auditors Messrs Crowe Horwath and Messrs Ernst & Young had issued a disclaimer opinion on their latest audited accounts. In Perwaja's case, Crowe Horwath said it could not obtain sufficient audit evidence to confirm the financial statements on a going concern basis. "The directors are of the opinion these amounts are recoverable and accordingly, no impairment is required to be made in the financial statements. Firstly, Lion Diversified incurred net losses of RM840 million and RM473.3 million at the group and company level respectively for FY16. The second ground for a disclaimer opinion pertained to Note 38 of the company's financial statements and the resulting constraints.

Source: The Edge Markets October 31, 2016 12:49 UTC