E&Y gave a clean audit opinion for 2009. For 2010, E&Y issued a disclaimer audit opinion as:
“numerous discrepancies in the invoices supporting both the sales and purchases of all three of the Company’s subsidiaries in the People’s Republic of China. Those discrepancies raise doubts as to the authenticity of the supporting documents maintained by management in relation to the Group’s sales and purchases transactions. “
Fire then destroyed records after reported accounting issues (Bloomberg) and a special audit could not be completed. Shares have been suspended since April 2011 and the company refused to update shareholders post September 2012. It was finally announced in 2016 by the SGX that the company is in the process of being delisted.
EY: Auditors’ Report 2010, 30 Jan 2012
Sino Techfibre: Financial Statements Sep 2010