Special audit firm 'satisfied' with Masteel transactions

PETALING JAYA: Malaysia Steel Works (KL) Bhd's (Masteel) appointed special audit UHY FLVS Sdn Bhd is satisfied with the transactions in the company despite concerns raised by the external auditors Messrs Nexia SSY.
UHY noted that the advance payments received from the aforesaid multinational commodity trader had been correctly accounted for by the company as trade deposits in accordance with the Malaysian Financial Reporting Standards.
UHY also said the transactions with the trade debtors under review are properly supported evidentially.
"UHY has also ascertained with reference to events post Dec 31, 2014 that the amounts due from the trade debtors under review have been fully repaid and/or settled in accordance with the agreed trade credit terms," Masteel said.
Masteel's audit committee and the board of directors are in agreement with UHY's findings.
The company is presently liaising with Nexia on the release of its audited financial statements for the year ended Dec 31, 2014.