China Billion Resources Limited (HKG:0274) announces the progress on resumption of trading. The financial position of the group pending the release of the audited annual report of the company for the year ended 31 December 2011, will be announced at the end of April 2012.
The company said that it has engaged an independent adviser on 8 February 2012 to review and assess its corporate governance and internal control systems in accordance with the Committee of Sponsoring Organizations of the Treadway Commission framework and the "Internal Control & Risk Management”issued by the HKICPA. The company has finalized the scope of engagement with the independent advisor and thereafter the internal control review has commenced in February 2012. The independent advisor will report its findings to the board as soon as practicable.
The board will fully assist the independent advisor in resolving the matter identified and will take necessary actions based upon the advice of the independent advisor.
Trading in the shares of the company has been suspended on 29 June 2011. In view of the uncertainties of the assessment and the impact of the above matter, trading in the shares will remain suspended pending the conclusion of the assessment made by the independent advisor.