VIBRANT Group is in discussions with"relevant parties" to evaluate the disposal of Chinese coal miner Blackgold International Holdings.
A special audit report released by EY Advisory in January said Blackgold appears to have falsified accounts and grossly inflated sales figures since it was acquired by Vibrant in July 2017. Increased turnover also bolstered the group's earnings, with revenue rising 74.2 per cent to S$281.7 million. The increase in revenue was mainly due to the recognition of the revenue upon the completion of the Master-Riviera Project in China.
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