Latest Newsletter: MSWG Weekly Newsletter 19 May 2017
MSWG’S QUICK TAKE ON ONGOING CORPORATE DEVELOPMENTS
CHINA AUTOMOBILE PARTS HOLDINGS LIMITED (“CAP”)
The Board of Directors of CAP provided the following information in the announcement regarding the delay in releasing the Company’s Annual Report:-
The company’s auditor, PKF has requested to carry out certain procedures that include the verification of the company’s value added tax devices with the relevant tax authorities’ system directly and completing the verification of the consignment notes/appropriate delivery documentation against the sales invoices. The tax system in Fujian Province, China underwent three major upgrades and reforms within a year and this may have resulted in certain tax information being inaccurate. In order to meet PKF’s request, the person in charge of the company is in the midst of liaising with the tax department, so that the auditor can clarify directly with the tax department, where necessary.