Gulf Union Cooperative Co. has appointed Ernst and Young (EY) as a third-party independent auditor to review its indebted balance issue with Strategic Partner Company, which was highlighted by the former's legal auditor in its first quarter results.
Both Gulf Union and Strategic Partner also agreed to appoint a representative from each company to draft a new agreement in order to review all disputed balances, and to issue a final binding recommendation. The two firms agreed to include the final results in their financial books.
In March, Strategic Partner elected a new board, which stressed during its first meeting the need to cooperate with Gulf Union Cooperative Co. to meet all legal requirements of the Saudi Arabian Monetary Agency, the kingdom’s central bank.
EY is expected to complete its work before May 31, and recommendations will be amended accordingly.
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