OilCorp: No Audited Accounts Due To Shortage Of Staff

This is NOT an earth shattering news clip but it is seriously disturbing to read such state of affairs in one of our listed companies. ( Hmm.. hope this is not one of the QUALITY stocks listed in the exchange!)

• Oilcorp fails to submit annual statements
  Written by Loong Tse Min
  Thursday, 15 April 2010 22:41
  
  KUALA LUMPUR: OILCORP BHD will be unable to issue its annual audited financial statements for the financial year ended Dec 31, 2009 (FY09) by the stipulated deadline on April 30, 2010, the company said on Thursday, April 15.
  
  In a statement on Thursday, the PN 17-affected issuer said it had on the same day asked for an extension from the stock exchange to file the financial statements by July 31, 2010.
  
  Among the reasons for the delay, Oilcorp said its negotiations with lenders as well as its unfinalised regularisation plan were expected to affect accounting issues and treatments, and as such, its directors felt that it would be appropriate to submit the audited accounts after "having the conceptual regularisation plan finalised".
  
  The company said it had been faced with a shortage of staff as a majority of them had left and rehiring was made difficult with its cash flow constraints, while the group's current state made it difficult to attract new applicants.
  
  Oilcorp said it was also engaging a professional firm of valuers to determine the valuation of the group's assets to assess impairment, the results of which would be made available by end-April.

Well? Is this acceptable or not?

What's the "having the conceptual regularisation plan finalised" got to do with audited accounts?

Shortage of staff issue? Majority of them had left and rehiring was made difficult with its cash flow constraints?

Is that a valid excuse? In the posting OilCorp's Fiscal year Losses Explodes To 405 Million! and OilCorp Needs To Explain More On Why It Lost 405 Million!, I have loaded a snap shot of OilCorp's balance sheet. See this

There is money in there yes? So what is this "rehiring was made difficult with its cash flow constraints" OilCorp is talking about? Why nobody wants to do their accounts? Why has the majority of the staff left?

Totally shocking, really!

Oilcorp said it was also engaging a professional firm of valuers to determine the valuation of the group's assets to assess impairment..

So what is wrong with the previous valuers? Weren't they not valuers? So what is this about engaging a PROFESSIONAL firm of valuers? Are OilCorp saying that the previous valuers are not professional enough?

Good grief!