When Southeast Asian ride-hailing giant Grab announced that it was delaying its highly-anticipated SPAC merger with US-based Altimeter last week, it raised more than a few eyebrows.
Audit issues were the key drag, explained Grab, with its Indonesian e-wallet OVO being the centrepiece of this accounting quagmire. The SoftBank Vision Fund-backed decacorn is now in the throes of re-aligning three fiscal years of financial reports in accordance with the US SEC’s audit standards.
