MP Corp auditors resign

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KUALA LUMPUR (Dec 16): Malaysia Pacific Corp Bhd's (MP Corp) auditors, Messrs BDO have voluntarily resigned and their resignation will take effect upon the appointment of the new auditors at the forthcoming annual general meeting (AGM) of the company. 
"The notice of resignation is in addition to Messrs BDO having indicated that they do not wish to seek re-appointment as set out in the Annual Report 2014," said MP Corp in a Bursa Malaysia filing this evening. 
"In the notice of the 42nd AGM, there is an agenda to appoint Messrs UHY as auditors of the Company in place of the retiring auditors, Messrs BDO," it added. 
MP Corp said it was not aware of any matters that needed to be brought to the attention of shareholders in relation to Messrs BDO's resignation as the company's auditor. 
In the company’s latest annual report, BDO has issued a disclaimer of opinion paragraph that the auditors were not able to form an opinion on MP Corp’s financial accounts due to insufficient evidence.
Among the items that BDO had pointed out on MP Corp’s accounts were the net losses of RM31.13 million and RM176.52 million respectively in the financial year ended June 30. MP Corp’s current liabilities had exceeded current assets by RM262.97 million.
The auditors have expressed concern on the ability of MP Corp to continue as going concerns.
MP Corp closed unchanged at 20 sen today, with a market capitalisation of RM57.53 million.