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Bangkok, February 6, 2013 – The SEC has instructed Thai Unique Coil Center Plc., (TUCC) to review and rectify its financial statements for the second and third quarters of 2012. TUCC is required to submit to the SEC and to publicly disclose the rectified financial statements that are reviewed by the auditor by March 8, 2013.
Earlier, the SEC found that the company’s management prevented the auditor to obtain sufficient information and audit evidence necessary for reviewing the financial statements. Therefore, the auditor was unable to express his opinion on the aforementioned financial statements. Such information includes cash account, purchases and sales transactions in cash, executive remuneration, tax penalty, and accounts receivable previously recorded as stock under consignment in 2011 and subsequently re-arranged to sale transactions in 2012.
The SEC, therefore, has instructed TUCC to cooperate with the auditor to supply all necessary information and evidence and to rectify the financial statements of both accounting periods. The rectified and reviewed financial statements must be submitted to the SEC and disclosed to the public no later than March 8, 2013.