Auditors cast doubts on International Healthway Corporation’s ability to continue as ‘going concern’

SINGAPORE (June 6): PricewaterhouseCoopers, the independent auditors for International Healthway Corporation, says it is not able to obtain sufficient evidence to provide an audit for the consolidated balance sheet of the company as at end Dec 31, 2015.

IHC said it recorded a fair value gain of $46 million from its investment properties under development but auditors PwC were unable to obtain sufficient evidence to support the “ appropriateness and reliability” for the estimates.

In addition, IHC’s current borrowings as other payables as at Dec 31 2015 was stated as $4.1 million and related interest pf $1.1 million owed by a wholly-owned subsidiary to certain funds.

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