Singapore Exchange Regulation (SGX RegCo) refers to Vibrant Group Limited’s announcement of 24 January 2019 on the special audit report prepared by Ernst & Young Advisory Pte Ltd (EY).
Blackgold International Holdings Pty. Ltd. (Blackgold) was listed on the Australian Securities Exchange (ASX) in 2011. It became a wholly-owned subsidiary of SGX-ST Mainboard listed Vibrant Group Limited (Vibrant) in July 2017 following Vibrant’s acquisition of the remaining 94.18% shareholding in Blackgold (Acquisition) under a scheme of arrangement (Scheme). Subsequent to the Acquisition, Blackgold was delisted from the ASX.
EY’s report uncovered the following:
- potential significant misstatements in Blackgold’s financial statements; and
- Blackgold Management may have potentially falsified accounting records and announced false financial information on ASX when Blackgold was listed.
Blackgold’s statutory auditors, Crowe Horwath Perth, had issued unqualified audit opinions on Blackgold’s financial reports for the latest two financial years ended 31 October 2014 and 31 October 2015 as well as an unqualified conclusion based on its review of the financial report for the half-year ended 30 April 2016 (the latest financial results published prior to the launch of the Scheme).
SGX RegCo has reported the accounting irregularities in Blackgold and conduct of Blackgold’s statutory auditors to the relevant authorities.
SGX RegCo is also concerned about the findings of the special audit relating to Blackgold Management. SGX-listed companies are therefore required to consult SGX RegCo before the appointment of any Blackgold management as a director or key management. The Blackgold management are as follows:
(i) Mr. Peng Yuguo (彭玉国), former Chief Executive Officer of Blackgold Group;
(ii) Mr. Chi Ho (James) Tong, former Non-Executive Chairman of Blackgold Group;
(iii) Mr. Ou Jun (欧军), former General Manager of Chongqing Heijin Industrial Co., Ltd.;
(iv) Mr. Tin It Phong (陈一峰), former Chief Financial Officer of Blackgold Group; and
(v) Mr. Chen Shaokui (陈绍奎), former Head of Finance and Accounts of Blackgold Group.
