NMG defends reports lapse
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NATION MULTIMEDIA GROUP (NMG) stated yesterday that its auditor had declined to offer an opinion regarding the company’s financial reports for the third quarter and the first nine months of this year because of the lack of authorised signatory executives to approve the reports.
The company has denied that there was a lack of sufficient detail in the reports.
Recently the company held extraordinary meetings of shareholders to appoint a new board directors to replace directors who had been banned. However, parties have reportedly lodged opposition against the registration of the new board’s names with a state agency so the new members have not yet signed off on financial reports.
NMG reportedly filed an explanation of the situation with the Stock Exchange of Thailand (SET), which will wait for the Securities and Exchange Commission to make a decision regarding the case.
The SET is expected to post a SP sign to |suspend trading in NMG shares due to the case.
