SsangYong Motor’s 2021 financial report rejected by auditor

SEOUL-- SsangYong Motor Co. said Thursday its annual financial report was rejected by an external auditor after its takeover deal by Edison Motors Co. collapsed.

SsangYong Motor, which is under court receivership, said in a regulatory filing that Samjong KPMG gave a disclaimer of opinion for its 2021 financial report for the second consecutive year.

"We have doubt over SsangYong Motor's ability to continue its business," Samjong said in a report.

The auditor said it was uncertain whether the bankruptcy court would accept the cash-strapped automaker's rehabilitation plan given its low feasibility.

On Monday, SsangYong said it nullified a takeover deal after a domestic consortium led by electric car maker Edison Motors failed to make a full payment to acquire the carmaker and will find a new buyer.

The SUV-focused automaker logged 2.4 trillion won (US$2.1 billion) in sales and 260.6 billion won in operating losses last year. It has logged deficits since 2017.

Source: Yonhap News Agency