Brief: Ioupay Says Voluntary Administrators Were Appointed

Ovanti

26/04/2023 24:13

April 26 (Reuters) - Ioupay Ltd  IOU.AX :
    * APPOINTED DANIEL WALLEY, PHILIP CARTER OF
PRICEWATERHOUSECOOPERS
AUSTRALIA AS VOLUNTARY ADMINISTRATORS OF COMPANY
    * ADMINISTRATORS WILL INVESTIGATE ANY ALLEGATIONS OF FRAUD
INVOLVING COMPANY OR ITS SUBSIDIARIES
    * APPOINTMENT OF VOLUNTARY ADMINISTRATORS TAKEN AS COMPANY
HAS A
NUMBER OF OUTSTANDING DEBTS THAT ARE DUE AND PAYABLE
    * ADMINISTRATORS HAVE BEEN APPOINTED ONLY TO PARENT COMPANY,
IOUPAY LIMITED
    * OPERATING SUBSIDIARIES IN MALAYSIA CONTINUE TO OPERATE AS
NORMAL
    * NO REASONABLE PROSPECT OF CO BEING ABLE TO PAY DEBTS UNDER
CURRENT CIRCUMSTANCES
    * DISCOVERY OF SUSPECTED SIGNIFICANT FRAUD AFFECTING
COMPANY'S
MALAYSIAN OFFICE
    * DUE TO SIGNIFICANT UNCERTAINTIES CO NOT BEEN POSSIBLE TO
OBTAIN
FUNDING OR REASONABLE EXPECTATION OF IT IN NEAR TERM

Further company coverage:  IOU.AX 

 ((Reuters.Briefs@thomsonreuters.com;))