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.
