A True And Fair View Of The financial Position In Audited Financial Statements For The Financial Period From 1 January 2022 To 30 June 2023 Except For Possible Effects Noted In Basis For Qualified Opinion

BackNov 07, 2023
Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-03112023-00001
Subject A TRUE AND FAIR VIEW OF THE FINANCIAL POSITION IN AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2022 TO 30 JUNE 2023 EXCEPT FOR POSSIBLE EFFECTS NOTED IN BASIS FOR QUALIFIED OPINION
Description

YNH PROPERTY BERHAD ("YNH" or "the Company") A TRUE AND FAIR VIEW OF THE FINANCIAL POSITION IN AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2022 TO 30 JUNE 2023 EXCEPT FOR POSSIBLE EFFECTS NOTED IN BASIS FOR QUALIFIED OPINION
Query Letter Contents

We refer to your Company's announcement dated 1 November 2023, in respect of the aforesaid matter.

In this connection, kindly furnish Bursa Malaysia Securities Berhad with the following additional information for public release:-

1. Based on your representation that Benjamin Dawson (“BD”) and Samir Sumathi Fernando & Co (“SSF & Co”) were appointed on 3 April 2023 and 27 April 2023 respectively, please provide the following information for greater clarification :-

(i) Full details of circumstances/ events leading to the appointment of BD and SSF & Co to undertake the special review;

(ii) The scope of work undertaken by BD and SSF & Co seems similar. Please highlight clearly the differences of work scope performed by both BD and SSF & Co; and

(iii) If there is no clear distinction in terms of the scope of work performed by BD and SSF & Co, to disclose the rationale for appointing the two.   

2. With regard to the appointment of BD and SSF & Co, please disclose the following:-

(i) Background information of BD and SSF & Co respectively, including but not limited to, the name of legal partners/legal assistants in charged of the special review as well as their professional experience and expertise with regard to all applicable laws and Bursa Malaysia Securities Berhad’s Listing Requirements (“LR”);

(ii) Facts and circumstances/ events that led to SSF & Co’s extended completion date by approximately 4 months from 11 July 2023 until 30 November 2023.

(iii) In view that the special review by BD has been completed in July 2023, please disclose:

(a) Report on the findings of the special review; and

(b) Proposed recommendation or remedial action (if any)

4. Based on the outcome of the special review by BD, what are the steps/proposed steps that YNH has undertaken/will undertake to address the findings of the report.

5. In view that YNH has appointed both BD and SSF & Co to undertake the special review, please disclose the reasons for YNH’s intention to appoint a professional firm to conduct an independent review. In this regard, please state the full details of the scope of work to be undertaken and confirm whether it will be similar or different from the previous special review.

6. To disclose the view of YNH’s audit committee members with regard to the details of the “Qualified Opinion” as disclosed in the Auditors’ Report for financial period from 1 January 2022 to 30 June 2023.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

Yours faithfully

 

 

Listing

Regulation

 

cc:-   Market Surveillance, Securities Commission

 

We refer to the Bursa Query Letter dated 3 November 2023 in respect of the aforesaid matter and the Company's previous announcement made on 6 November 2023. In this connection, kindly refer below for further additional information for public release as requested under Item 2(i):

2.   With regard to the appointment of BD and SSF & Co, please disclose the following:-

(i)   Background information of BD and SSF & Co respectively, including but not limited to, the name of legal partners/legal assistants in charge of the special review as well as their professional experience and expertise with regard to all applicable laws and Bursa Malaysia Securities Berhad’s Listing Requirements (“LR”);

YNH’s Response

(1)

 BD

(a)

Background of BD

Benjamin Dawson was established in 2002 by its founding partners who shared a common objective to deliver quality legal services with an unwavering emphasis on ethics. They are recognized for our deep knowledge of the law and with a proven track of success. Their team of lawyers is committed to developing practical and creative solutions that best served our clients’ legal objectives.

(b)

Name of the legal partner/legal assistants in charged

Ms Ooi Ai Yen

(c)

Professional Experience and Expertise with regards to all applicable laws and LR

Bar Admission

Malaysia, 2000

Lincoln’s Inn, 1999

Education

University of Malaya LLM, 2009

University of Leeds LLB, 1998

 

Yen joined the firm 2004. She earned her Master Degree in Law from University of Malaya in 2009 and was made a partner in 2012.

 

Yen concentrates her practice in Banking & Finance and Dispute Resolution. She has grounding in both Corporate Banking Litigation and general debt recovery. She also handles cases involving shareholder disputes, Administrative Law, Land Acquisition, Probate and Estate Administration, Matrimonial Disputes and Media law. Yen is fluent in Mandarin and she ably serves our international clients in both litigation and corporate matters.

 

(2)  SSF & Co.

(a)

Background of BD

Messrs Samir Sumathi Fernando & Co., was formed on 14.2.2023 and is the result of the merger of Messrs Shahfina Fernando & Co. and Messrs Samir & Sumathi.

 

Messrs Shahfina Fernando & Co., previously known as Messrs Fernando & Co. was established in 2010 by Alfred Llewellyn Fernando.  Messrs Samir & Sumathi was formed in April 2022.

 

The law practice of Messrs Samir Sumathi Fernando & Co., has taken effect arising from the unified partnership between Samir Zainal, Sumathi Maliyapan and Alfred Llewellyn Fernando.

 

Armed with a combined experience of more than 30 years in the legal field, our legal force at Messrs Samir Sumathi Fernando & Co., prides itself on its ability to deliver quality legal representation to all clients, from the lone individual to mega corporations.

 

(b)

Name of the legal partner/legal assistants in charged

Mr Alfred Llewellyn Fernando  

 

 

(c)

Professional Experience and Expertise with regards to all applicable laws and LR

Mr Alfred Llewellyn Fernando is the other partner at Samir Sumathi Fernando & Co., Alfred has been in legal practice since 2007.

 

Prior to this, he enjoyed a successful banking career in Alliance Bank (M) Berhad that spanned a multitude of years. Alfred began his banking career in 1974 and quickly rose through the ranks, from Officer in Charge of Training, Manager, Methods & Systems, Head of Network Operations, Head of Branch Audit, Group Chief Internal Auditor, Senior Regional Manager of East Malaysia and finally, Senior General Manager of Credit Administration and Legal. Whilst working in the bank, Alfred also pursued his law degree in 1992 and graduated in 1994 from the University of London with a Bachelor of Laws (Hons). Subsequently, in 1995, Alfred obtained his Certificate in Legal Practice. Alfred is also an Associate of the Chartered Institute of Bankers, London. 

 

In 2006, he decided to leave Alliance Bank (M) Berhad after nearly 33 years of service (10 years of which were spent as a member of the bank’s management committee), to begin the next chapter of his life in the legal field. Upon admission as an Advocate & Solicitor of the High Court of Malaya in 2007, he began his law career at Vaasan, Chan & Chandran. Alfred’s vast years of prior experience in Alliance Bank (M) Berhad had equipped him with an extensive knowledge of corporate banking which he then put to good use. Whilst practicing at Vaasan, Chan and Chandran, Fernando & Co. and subsequently Shahfina Fernando & Co. Alfred became involved with a variety of different legal assignments such as the post Vesting Order Process of Alliance Islamic Bank Berhad, providing legal counsel to certain foreign corporations seeking to establish operations in Malaysia, reviewing legal banking documentation, drafting of joint venture and shareholder agreements, and other corporate litigation matters. In 2010, Alfred left Vaasan, Chan and Chandran to establish his own law firm, Messrs Fernando & Co., formerly known as Messrs Shahfina Fernando & Co. and now known as Samir Sumathi Fernando & Co.

 

 

The Company will make the necessary announcement on further material development of the above matter in due course. 

 

This announcement is dated 7 November 2023.



Announcement Info

Company Name YNH PROPERTY BERHAD
Stock Name YNHPROP
Date Announced 07 Nov 2023
Category General Announcement for PLC
Reference Number GA1-07112023-00029