KINIBIZ Tiger’s devoted fans would remember its brilliant new plan to accumulate profitable businesses and slowly rise up the corporate food chain, perhaps by grouping all these companies under one investment holding entity.

But while daydreaming about its coming Tiger Brilliance Holdings (to be incorporated soon, Tiger promises) recently, one Bursa announcement caught Tiger’s incredibly sharp eye from frozen food provider HB Global Ltd.

Admittedly Tiger had the munchies at the time, but Tiger digresses. In the announcement, HB Global disclosed some of the more significant findings of the special audit into its accounts by its new auditors BDO Governance Advisory (BDO).

To recap, in HB Global’s 2012 annual report, their previous auditors Paul Wan & Co said in an audit disclaimer opinion that they couldn’t reconcile the bank balance of HB Global’s subsidiary amounting to approximately RM130 million as well as a big chunk of the company’s trade receivables and trade payables.

This led to Bursa ordering a special audit by way of HB Global appointing a special auditor to investigate and identify any financial irregularities in the company’s affairs. BDO is that special auditor. HB Global entered PN17 due to the disclaimer.

Go to KiniBiz for the full article.

This article was written by Khairie Hisyam.