HB Global fails to change financial year-end after auditor withdrawal in Singapore
HB Global Ltd faces uncertainty over financial reporting compliance after Singapore’s corporate regulator rejected its application to change its financial year-end to 30 Nov 2026. The move was proposed to give the company more time to arrange an audit after its existing auditor withdrew its consent to act.
Highlights
- ACRA rejected HB Global’s application to change its financial year-end to 30 Nov 2026 after UHY Malaysia PLT withdrew as auditor.
- HB Global filed an appeal following the auditor’s withdrawal and difficulties meeting reporting requirements, but the proposed change remains subject to ACRA’s approval.
- For the 18 months ended 30 Jun 2026, HB Global reported a net loss of RM11.2 million and revenue of RM68.69 million, with its shares unchanged at three sen.
This article was translated from the original. Read the original version by our correspondent here.
Appeal following ACRA rejection
As reported by The Edge Malaysia, citing a Bursa Malaysia filing, the Accounting and Corporate Regulatory Authority (ACRA) rejected HB Global’s application, submitted on 15 Oct, on 20 Oct, after UHY Malaysia PLT withdrew its consent to act as auditor for the financial period ended 30 Jun 2026.The Singapore-incorporated company said it had filed an appeal, citing the withdrawal from the audit arrangement and difficulties meeting financial reporting requirements in Singapore and Malaysia. The proposed change was from 30 Jun 2026 to 30 Nov 2026.
HB Global said its appeal had yet to be decided and the proposed change remained subject to ACRA’s approval. The company also said it continued to address its audit arrangements and comply with financial reporting requirements in Singapore and Malaysia.
Impact on financial timetable and performance
This would be the second revision to HB Global’s financial year-end this year. In April, the company changed its financial year-end from 31 Dec 2025 to 30 Jun 2026.In a letter dated 12 Oct, UHY Malaysia said the withdrawal was made on regulatory, practical and professional grounds relating to the proposed audit arrangements with FOZL Assurance PAC in Singapore.
For the 18-month period ended 30 Jun 2026, HB Global recorded a net loss of RM11.2 million and revenue of RM68.69 million. The company’s shares were unchanged at three sen on Wednesday, giving it a market value of around RM25.8 million.
In our earlier report on the impact of the 1MDB scandal on corporate governance, we examined how failures in controls and auditing fuelled calls for greater board accountability. The article also outlined the need for stronger whistleblower protections and calls for auditors to take a more proactive approach to identifying risks early, rather than merely assessing past failures.
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