Since the imposition of sanctions by the
In addition, the Company's board of directors (the 'Board') has considered and reviewed the unaudited consolidated financial statements of the Company for the financial year ended
However, after careful consideration and pursuant to Section 393(1) of the Act whereby the directors of a company must not approve accounts unless they are satisfied that they give a true and fair view of the assets, liabilities, financial position and profit or loss, the Board has concluded that, without an auditor having undertaken an audit of, and without any guidance from an auditor in preparing, these financial statements, it is unable to form the view that they are satisfied that these unaudited financial statements give a true and fair view of the Company's assets, liabilities and financial position or that they have been prepared in accordance with the applicable set of accounting standards. As such, the Board is prohibited by the Act from approving these unaudited financial statements, and therefore, the Company does not intend to publish or make available these unaudited financial statements.
In light of the legal and practical effects that the imposition of sanctions is having on the Company, the Board remains open and committed to complying with its statutory obligations and working with the
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