Ssangyong Motor, which entered the P plan (short-term court management), was eventually rejected by the audit report.
According to the Financial Supervisory Service’s electronic disclosure system on the 23rd, Ssangyong Motors announced that it had been notified of the refusal of the audit opinion through the’information on sovereign investment oil’.
The refusal of the auditor’s opinion falls under the standards for delisting (Article 48 of the Stock Market Listing Regulations).
In the future, Ssangyong Motor will be subject to delisting procedures (appeals pursuant to Article 25 of the same regulation and rearrangement sales pursuant to Article 9 of the same regulation), and the transaction will be suspended. The objection deadline is until the 13th of the following month.
The auditor, Samjung Accounting Firm, declined the opinion due to the’uncertainty of the going-on entrepreneur’.
Samjung Accounting Firm said, “Since our financial statements were prepared on the premise that our financial statements will continue as a going concern, our assets and liabilities were accounted for under the assumption that our assets and liabilities can be recovered or repaid at the carrying amount through normal business activities.” Evaluated.
“However, due to deteriorating financial structure, etc., as of the end of the reporting period, operating loss of 46.63 billion won and net loss of 503.265 billion won were incurred, and current liabilities exceeded current assets by 77.1 billion.64 million won.” He pointed out that it raises significant questions about its ability to survive.
Currently, Ssangyong Motor is negotiating investments with HAAH Automotive, a leading investor, but uncertainties are growing as the decision is delayed. If the investment is not received, bankruptcy should be considered.
The auditor saw that the risk part was not reflected in the audit report.
Samjung Accounting Firm said, “If there is a disruption in these plans due to changes in future events or circumstances and it is difficult for the Company to survive as a going concern, it may not be possible to recover or repay assets and liabilities at book value through normal business activities. He raised the question, saying, “Amendments to the amount and classification of assets and liabilities and related profit and loss items that may arise if the going concern assumption is not valid as a result of uncertainty are not reflected in the financial statements.” .
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