Auditor of Chinese solar company resigns


Solar project, energy storage and electric vehicle (EV) business Comtec Solar yesterday told the Hong Kong Stock Exchange Mazars had resigned as its auditor last week, citing: “The professional risk associated with the audit, and the availability of their internal resources, and the potential impact of [a] certain legal proceeding in relation to a monetary dispute between the company and a third party.”

Comtec, which endured a horrible year in 2019 and which last year decided to abandon solar manufacturing, yesterday insisted the legal dispute referred to by the Paris-based professional services membership group had been resolved “as at the date of this announcement.” It was notable that the update released yesterday referred to a decision by Mazars which became effective on Monday last week.

The legal dispute in question, added Comtec: “Was immaterial as it only involved a very insignificant amount of money … The board is of the view that there is no potential impact of the dispute on the group.” No further information was disclosed.

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Comtec said it is searching for a new auditor and, in a classic example of boilerplate script, added: “The board would like to take this opportunity to express its gratitude to Mazars for their professional services rendered in the past.”

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