In relation to several media reports making reference to the investigation by PwC, we wish to clarify that on 18 February 2016 through PwC’s statutory financial audit for the financial year ended 31 December 2015, it had reported on the long outstanding debts of Safitex Trading LLC (Safitex) amounting to USD8.3 million to Delima Oil Products Sdn Bhd (DOP) that has resulted in an impairment exposure.
This matter has been continuously reported in PwC’s subsequent quarterly review reports. Since then, Management had continuously represented that the balance would be fully recoverable.
Instead, the balance subsequently increased to USD11.7 million and exceeded the allocated credit limit per PwC’s statutory financial audit for the financial year ended 31 December 2016 which was reported to the Audit Committee on 17 February 2017.
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