SUNVIC Chemical Holdings has appointed Ernst & Young Advisory as its external auditor to investigate corporate guarantees provided for loans amounting to some 222.5 million yuan .
EY Advisory, engaged on April 2, will be part of a special investigative committee - which also comprises legal advisers - announced by the company in February. Under the engagement, EY Advisory will report directly and provide regular updates to the company’s audit committee during the course of the assessment and investigation, the manufacturer of intermediate chemical products said in a regulatory filing on Monday afternoon.
The board added it would provide further updates to shareholders on developments of the case in due course.
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