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"Scheme of deceit" may have been committed at Universal Resource and Services

The Edge Singapore
The Edge Singapore5/18/2020 09:39 PM GMT+08  • 3 min read
"Scheme of deceit" may have been committed at Universal Resource and Services
The special audit report suggests several potentially serious breaches of listing rules, and perhaps even the law, said SGX RegCo
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SINGAPORE (May 18): A special audit released earlier today has shown that internal controls at Universal Resource and Services Limited had failed, leading to discrepancies in its financial records over a significant period.

Coupled with multiple false disclosure to the investment public, a “systematic scheme of deceit” might have been “perpetrated within,” said SGX RegCo, referring to findings of the audit undertaken by Stephen Moore LLP.

Universal Resource and Services, known as Sky China Petroleum Services until a name change in April 2013, has been suspended from trading since Feb 2017 and the special audit commissioned.

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