Business

Brightoil: Independent adviser requests for more information

Stakeholders have looked into employing computer analysis technology to assist in work involved.

Published

8 years ago

September 4, 2018

Admin

Hong Kong-listed international bunkering firm Brightoil Petroleum (Holdings) Limited notes it is encountering several issues regarding its audit review.

An independent adviser engaged by the audit committee to assist with the review to complete the audit procedures for the financial year ended 30 June, 2017 has requested for more information and documents.

According to the audit committee, the key work performed thus far by the independent adviser include reviewing the financial data of the relevant entities, general background checks on customers, checking the relevant sales data, invoices and supporting documents, checking the documentation and terms and conditions of the transactions, conducting analysis of trade, credit review process of the customers concerned, and potential repetitive sales, conducting integrity due diligence work on customers and suppliers; and carrying out benchmark analysis.

The board has been informed by the audit committee that the next stages of work to be performed by the independent adviser involves more detailed analysis into the background and commercial rationales for conducting and continuing the transactions, and analysis of the relevant transactional records, documents and communications, and that substantial work is required.

“The audit committee and the independent adviser have looked into employing computer analysis technology to assist in the work involved,” it says.
“However, the potential costs, as presently advised, have exceeded the expectations of the audit committee as they seem not to be proportionate to the initial budget.

“Substantial sums have already been incurred, and the audit committee is concerned to keep costs under control having regard to proportionality and the circumstances of the situation.

“The audit committee are not only deeply concerned about the staggering amount of the present costs estimate but also the possibilities that these estimate could not be contained and could go out of control in completing the Investigation procedures.”

The audit committee, meanwhile, says it is presently liaising with the independent adviser in relation to matters of costs and budgeting and also to consider the feasibility and appropriateness of alternative procedures that could be less costly and which can be done efficiently bearing in mind the desirability of completing the Review as soon as practicable.

“The audit committee are also in the course of consulting with further professional advisors for views and the recommendations on control of costs and the methodologies to be applied,” it adds.

“The final results of the review is expected to include findings (where possible) as well as recommendations.”

The audit committee presently expect matters including methodology, costs, budget and timetable to be agreed upon within the next few weeks. Further announcement will be made when more information is available, including timetable for completion of the review process.

Trading in the Brightoil’s shares on the Hong Kong Stock Exchange has been suspended since 3 October, 2017 pending the publication of the results announcements, and will remain suspended until further notice.

Photo credit: Brightoil Petroleum (Holdings) Limited
Published: 5 September, 2018

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

16 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

16 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

16 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026