• Follow Us On Our Preferred Social Media Platform:

Aegean audit uncovers $200 million account discrepancy

05 Jun 2018

An internal audit conducted by New York-listed bunkering firm Aegean Marine Petroleum Network has found that approximately $200 million of accounts receivable owed to the company at December 31, 2017 by four counterparties will need to be written off. 

The amounts, owned by the similar parties, accumulated from approximately $172 million as of December 31, 2016 and $85 million as of December 31, 2015.

The decision to write off the amount was due to the believe that the transactions may have been, in full or in part, without economic substance and improperly accounted for in contravention of Aegean’s normal policies and procedures.

“Under the guidance of a reinvigorated Board, independent Audit Committee, and refreshed management team, Aegean continues to make progress in working through its annual reporting process and ongoing review of historical financial reporting,” said Donald Moore, Chairman of the Board.

“The new Board is taking all necessary actions to improve financial and operating performance and enhance both transparency and corporate governance in order to deliver value to our shareholders and other stakeholders.”

Following the decision to write out the debt, Aegean will pursue claims against individuals and entities involved in the illicit transactions.

“The Audit Committee is taking all the necessary and appropriate steps to identify weaknesses in the Company’s internal controls and remedy any such weaknesses," it says.

“A number of individuals employed by the Company across multiple functions who are believed to have been involved in the Transactions have been terminated or placed on administrative leave pending the outcome of the investigation.

“The Company has reported its preliminary findings to the SEC and the Department of Justice and intends to cooperate with any resulting investigations.

“The Company does not intend to provide an update on this process until the review is completed.”

Related: Aegean unfolds several business developments
RelatedAegean drops founder, elects new board members
RelatedAegean requests for ‘additional time’ to file annual report
RelatedAegean welcomes new Chief Financial Officer
RelatedLawsuit filed against Aegean’s H.E.C. acquisition
RelatedAegean to offer ‘one-stop-shop solution’ with H.E.C. acquisition
RelatedAegean in $367 million acquisition of port reception facilities services group
RelatedAegean shareholders ‘gravely concerned’ over board’s silence
RelatedShareholders nominate ‘highly qualified’ candidates to Aegean board
RelatedAegean Marine Petroleum Network under shareholder pressure

Photo credit: Aegean Marine Petroleum Network
Published: 5 June, 2018


Related News

Featured News

Our Industry Partners

PR Newswire