Place said its independent auditor, Crowe Horwath First Trust, issued an auditor’s report on the Group and Company financial statements for the year ended 31 December 2023. The auditor issued a disclaimer of opinion, citing an inability to obtain sufficient appropriate audit evidence. Key matters included undisclosed and unauthorised related-party advances of about SGD 8.7 million and unsupported offset arrangements that left an adjusted balance due from one related party of SGD 1.93 million. The auditor also raised issues over revenue of about SGD 2.21 million from a sole customer that was a related party and the recoverability of an interest-free loan to an associate of SGD 20.01 million. Additional matters included going concern uncertainties and an impairment assessment for PRC development properties carried at SGD 24 million.

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