Brief: China Fibretech updates on auditors findings and customers claims

Raffles Infrastructure Holdings

08/04/2016 10:45

April 8 (Reuters) - China Fibretech Ltd  CHFI.SI : 
 * Auditors findings and update on customers claims 
 * Company and the claimants have agreed to conduct an investigation into the 
claims 
 * An independent test on products processed by the company is to be carried out 
to verify the allegation 
 * Says due to the uncertainties surrounding these claims, trading of the 
company's shares will continue to be suspended 
 * To-date, the claimants have not indicated the amount of their losses, have 
not quantified their claims 
 * Samples of required colours have been selected and sent to independent third 
parties, cntac testing center & sgs-cstc standards technical services 
 * Management still in the midst of conducting internal investigation to 
establish the facts surrounding the allegations 
 * Says no physical or documentary evidence have been provided by the claimants 
to the company 
 * Management has agreed to report to the board on the status and development of 
their investigation 
 * Update on the potential claims by customers as disclosed in the company's 
announcement on 30 November 2015 
 
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