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New Silkroutes' auditor flags concerns amidst discrepancies in accounts

The Edge Singapore
The Edge Singapore  • 1 min read
New Silkroutes' auditor flags concerns amidst discrepancies in accounts
New Silkroutes' woes continues with auditor raising concerns amidst discrepancies in accounts
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Healthcare provider New Silkroutes Group’s auditor has flagged some concerns about the company continuing as a going concern and says it is unable form an opinion. Among the issues, the auditor highlights that New Silkroutes is exposed to certain material uncertainties in relation to contingent liabilities.

New Silkroutes also announced some discrepencies between its audited accounts and unaudited accounts.

Among the differences are consideration receivables amounting to US$950,000 being reclassified to prepayment as this is no longer able to meet the definition of a financial asset. In addition, US$750,000 has been reclassified as prepayment under non-current assets and US$200,000 has been reclassified as prepayment under current assets. New Silkroutes breached a non-financial covenant for a loan from a financial institution, which was confirmed by the financial institution on October 4, 2021 as not waived. Accordingly, the noncurrent portion of this loan amounting to US$2.45 million has been reclassified to current liabilities.

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