The external auditor of APB Resources Bhd (APB), Baker Tilly Monteiro Heng PLT, has rendered a qualified opinion regarding the audited financial statements of the firm for the fiscal year that ends on March 31, 2024.

The qualifying concern concerns transactions with advance payments for a range of projects and services totaling RM22.78 million.

These transactions were later canceled and completely reimbursed. They included advances for project bids, payments for ERP software services, advance payments for pipe supply, and 50% of the purchase price for office and factory renovations.

The auditors have advised that the group carry out thorough investigations to confirm the legal and regulatory compliance of these transactions and verify the business justification for them, even in spite of the refunds.

APB stated that in response to these worries, it has hired a law firm and a professional firm to examine the transactions connected to the qualified audit opinion; the findings are still awaited.

The business guarantees that neither its cash flow nor its operational performance will be impacted by these transactions, which were started by a former director.

APB is still dedicated to upholding honesty, openness, and legal compliance.

The management of the company is concentrated on addressing the issues brought up and is upbeat about the expansion of the fabrication and semiconductor industries in the future. It will proceed with its planned business operations and strategic initiatives.