nuclear-news

1MDB Unit Bought by China Nuclear Firm Was Distressed, Auditor Says

1MDB Unit Bought by China Nuclear Firm Was Distressed, Auditor Says China General Nuclear Power bought Edra Global Energy from debt-laden 1MDB last year, WSJ,  By YANTOULTRA NGUI May 26, 2016

KUALA LUMPUR, Malaysia—An audit of a key energy group sold by troubled state investment fund 1Malaysia Development Bhd. to a Chinese state-owned nuclear-power company flagged deep uncertainty over the company’s viability.

Notes from auditor Deloitte in the 140-page financial accounts of Edra Global Energy Bhd. for the year ended March 31, 2015, said the audit found “an existence of a material uncertainty which may cast significant doubt about the group’s and company’s ability to continue as a going concern.”

The auditor’s notes, reviewed by The Wall Street Journal, are part of the most detailed account of Edra’s finances at the time that China General Nuclear Power Corp.purchased the firm for 9.83 billion ringgit ($2.4 billion) last November as the fund, known as 1MDB, was struggling to meet its debt obligations……..http://www.wsj.com/articles/1mdb-unit-bought-by-china-nuclear-firm-was-distressed-auditor-says-1464251503

May 27, 2016 - Posted by Christina Macpherson | business and costs, China, Malaysia