What's happening at Kingboard Copper Foil?

SINGAPORE (Oct 21): An EY review stemming from allegations made by minority shareholders that Kingboard Copper Foil was selling the bulk of its output on unfair terms to its parent company uncovered more than just an unfair transaction.

Lapses in record keeping and undocumented decisions by the audit committee were just the tip of the iceberg.

In its investigation into the relations between Harvest Resources Management and Kingboard Group, EY discovered that records related to interested persons transactions were incomplete, and has to receive the complete set of documents. Furthermore, decisions made by the audit committee were not properly documented in the minutes of the meeting.

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