Viz Branz auditors decline to give accounts clean bill of health

Ernst & Young LLP, the external auditors of Viz Branz, have declined to offer an opinion on the FY2012 accounts of the company.

The disclaimer of opinion relates to the allegations of Chng Khoon Peng, an executive director of the xompany, regarding alleged payment arrangements between his son Chng Beng Beng Ben, the group's managing director and deputy chairman, and two Myanmar distributors of the group.
 

Chng has since unreservedly dropped all his earlier allegations of impropriety that prompted him to lodge a complaint with the Commercial Affairs Department (CAD) in March.

However, Ernst & Young said it had no access to the complaints lodged by Chng with the Commercial Affairs Department (CAD) in relation to the allegations, and were unable to ascertain the progress and outcome of investigations by CAD, and the effect of any withdrawal of the allegations by CKP.

Ernst & Young also said they were unable to obtain sufficient and appropriate audit evidence to ascertain the nature of the transactions with the Myanmar distributors and whether the transactions are properly recorded and presented in the FY2012 financial statements.