The latest financial statements of the Nova PropGrow Group, the rescue vehicle of the failed Sharemax investment scheme, show the company is on the verge of insolvency.
The financial statements, which were published three months late, also received a qualified audit opinion from the groups new auditor, Nexia SAB&T. The qualified opinion not only questioned the assumptions on which Novas property valuations were done, but also raised concerns about the companys ability to continue as a going concern.
However, Novas directors expressed their belief that the group has adequate financial resources to continue as a going concern.
Despite the audit opinion and going-concern issues, the board approved the payment of bonuses of more than R1.1 m…
Read the full article at: https://www.moneyweb.co.za/news/companies-and-deals/nova-teetering-on-the-verge-of-insolvency/