| PwC | | 03-Aug-26 | | During the 2025 audit, PwC identified concerns regarding the commercial rationale, substance of counterparties, and possible related party transactions of the Group's asphalt trading transactions. These transactions had high concentration (one supplier, two customers), low frequency, high value, low margins, and long turnover days, and relied heavily on a related party. Some counterparties shared registered addresses, senior officers, or historical shareholding links with companies controlled by the Group's controlling shareholder. PwC recommended an independent forensic investigation. The Company proposed to remove PwC because PwC did not provide a clear response regarding the audit completion timetable and additional fee estimates for the additional audit work, which the Company felt caused unnecessary delays. PwC stated they could not provide these without outstanding routine audit materials and key investigation planning stage information. |
