Moore Stephens stresses FSL Trust’s going concern issues

Moore Stephens stresses FSL Trust’s going concern issues

Having been tasked with auditing First Ship Lease Trust’s most recent annual accounts, Moore Stephens has found them to be in order, but has stressed that the embattled Singapore outfit continues to have going concern issues.

The UK accountant stated that the trust and its subsidiaries (the group) had liabilities as of the end of 2016 that exceeded their assets by $179m and $171m respectively.

Last week, the Singapore trust moved to improve its financial position announcing it will pay down its syndicated loan facility by $20m utilising available cash.

Many key senior management figures have quit the trust over the past year as it plunged deep into the red.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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