Bangkok--3 Jul--SEC
The SEC declined to grant further extension of dateline for Professional Waste Technology Plc (PRO) to submit the rectified and audited 2011 and reviewed Q1/2012 financial statements, earlier extended to May 31, 2012.
Previously, the SEC ordered PRO to rectify its 2011 financial statements due to the limitation of audit scope by the company’s management on the matters concerning the company and its subsidiaries’ failures to appraise the fair value of fixed assets in order to determine their realization value as well as the auditor’s dissatisfaction by means of other audit procedures as to the realization value of such fixed assets. Consequently, PRO must submit and publicly disclose rectified and audited 2011 financial statements within April 23, 2012.
Later, the SEC, upon the company’s request, extended the submission dateline for rectified and audited 2011 and reviewed Q1/2012 financial statements to May 31, 2012. On the due date, PRO, however, informed the SEC of its inability to submit both financial statements and requested for further deadline extension. After thorough consideration, the SEC turned down the request this time.