Malaysian Merchant Marine Bhd (MMM) is requesting a three-month time extension from Bursa Malaysia Securities as it is unable to meet the July 31 deadline for the submission of its audited accounts for the fiscal year ended March 31, 2010.
The beleaguered shipping company said the delay was the result of its auditors Messrs Ernst & Young (EY) unwilling to commence the audit process until a resolution on its outstanding audit fees was reached.
“The company only managed to resolve this impasse (on Monday) afternoon. The board had met with both Bursa and EY several times in the past four months to find a solution to the predicament,” MMM said in a statement.
“At present, if the audit fee impasse is resolved satisfactorily, EY expects to complete their work by end-September 2010. We should be able to issue the financial statements by Nov 30, 2010.”
MMM, a Practice Note 17 (PN17) company, was directed by Bursa to commence an external audit in April this year following a slew of unusual developments, including a RM5.63 million lawsuit plus 8% interest per annum from its executive deputy chairman Datuk Ramesh Rajaratnam relating to his “employment contract”. Ramesh had earlier also made claims of RM1.11 million from MMM for “advances made by him to the company”.
This article appeared in The Edge Financial Daily, July 28, 2010.
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