However, SJGT issued a disclaimer of opinion on the group’s autidited accounts. “We were unable to obtain sufficient appropriate audit evidence regarding the ability of the group and the company to achieve sustainable and viable operations and to generate adequate cash flows for its operating activities,” said the auditor.
Global Carriers said it also faces a trading suspension, “The suspension of trading will be affected on July 8, if the company fails to issue the outstanding annual report by July 5,” it said in its filing.
SJGT said Global Carriers is in the process of preparing a regularization plan with a view to reaching an agreement with its lender to restructure the defaulted debts of the group, however, the timely formulation, approval and implementation of the proposed regularization plan remain uncertain at this stage.