Asia Media Annual Report 2018

129 | P a g e On 02 May 2019, the Company announced that the Company is unable to submit its annual report that includes the annual audited financial statements together with the auditors' and directors' reports in respect of the financial year ended 31 December 2018 ("AR 2018") to Bursa Malaysia Securities Berhad ("Bursa Securities") for public release on or before 8 May 2019, therefore the trading in the Company's securities will be suspended with effect from 9.00 a.m., Thursday, 9 May 2019 until further notice. On 14 May 2019, the Company announced that the MOU, which came into effect on 12 February 2019 for a period of three (3) months, has expired on 12 May 2019 (“MOU Expiry”). Following the MOU Expiry, the parties have mutually agreed that neither party shall have any claim whatsoever, directly or indirectly, against the other in respect of the MOU. The MOU Expiry will not have any material financial impact on the Company and its subsidiaries. 30. OTHER MATTERS (a) Important documents are not available As disclosed in Note 29(b) to the financial statements, most of the important documents like tenancy agreements, customers’ contracts, latest financial reports with details of sub-ledger, payroll records, statutory records, etc among others were not found. Therefore, the Directors were unable to satisfy themselves that the opening balances of the financial statements (including contingencies and commitments) of the Group and the Company as at 1 January 2018, and financial statements of the Group and the Company as at 31 December 2018 do not contain material misstatements that may materially affect the financial performance, cash flows and financial position of the Group and the Company. (b) Internal control of the Group and of the Company Directors of the Group and of the Company were unable to acknowledge their responsibilities for such internal control as the Directors determine is necessary to enable the preparation of financial statements of the Group and of the Company that are free from material misstatement, whether due to fraud or error. Directors were unable to assure that there were no material weaknesses in the system of internal accounting controls. (c) Comparative figures The financial statements of the Group and of the Company for the financial year ended 31 December 2017 were audited by another auditor who expressed an unmodified opinion on these statements on 23 April 2018.