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Brightoil: Independent non-executive Directors leave over audit review

01 Jul 2019

The Independent non-executive Directors of Hong Kong-listed Brightoil Petroleum (Holdings) Limited (Brightoil) has left the company over issues with its audit process, it said on Friday (28 June).

Brightoil is in the process of reviewing its accounts in preparation for the release of its financial statements; the company’s shares have been suspended since 3 October 2017 pending release of its annual results for the year ended 30 June 2017.

“The Resigned Directors came to a view that they were unable to discharge their function and duties as independent non-executive Directors and their duties as requested by the Board to conduct the independent review of matters leading to the delay in provision of information or documentation to the auditor and/or completion of the audit, which was commenced in September 2017 (the “Review”),” said a statement from Brightoil.

“They formed the view that the management of the Company has not taken positive steps to comply with their request for documents and/or information and has not provided sufficient funding to pay for professional fees in relation to the Review.

“In addition, the Resigned Directors held the view that material information about the Company was not provided to them in a timely manner, including that they were only informed of the winding-up petition filed against the Company on 17 May 2019 (as disclosed in the Company’s announcement dated 11 June 2019) on 6 June 2019.”

The Board of Brightoil, meanwhile, replied it does not agree with the view held by the Resigned Directors, including their criticism of the management of the company.

“The Board acknowledges that the Company is currently facing a number of internal and external challenges, including change in directorship, litigation, financial restructuring, insufficient manpower to handle all information requests, but the Company will continue to adapt to the changing environment and create value to shareholders,” it states.

“The Board believes that the Company has complied with the requirements of the Listing Rules and Corporate Governance Code, and that the management of the Company provides information to all Directors to enable them to discharge their duties to the best of their ability.”

Brightoil is facing issues regarding winding-up petitions at Hong Kong and Singapore, and the sale of vessels by creditors.

Related: Brightoil receives trading resumption conditions from HKSE
Related: Brightoil: Update on suspension of trading

A chronologically organised list of articles concerning Brightoil’s potential debt reorganization is below:

RelatedDr Sit Kwong Lam returns to Brightoil as Strategic Adviser
RelatedBrightoil Petroleum announces new Chairman and acting CEO
RelatedBrightoil former Chairman undertook $1.4 billion in personal guarantees
RelatedOfficial: Dr Sit Kwong Lam leaves Brightoil Petroleum Holdings
RelatedHong Kong High Court issues bankruptcy order against Brightoil Chairman
RelatedBrightoil aggregate debt has reached approximately $1.9 billion, it updates
RelatedBrightoil creditor claims amount to US $250 million, potential debt reorganisation
RelatedBrightoil to defend against winding up petition at Hong Kong court
RelatedSingapore: Brightoil to apply for six-month moratorium order at High Court
RelatedBrightoil oilfield project secures USD $700 million CNOOC funding
RelatedBrightoil: Plans to sell Zhoushan oil storage terminal, 15 vessels
RelatedShell to offload crude oil cargo from arrested “Brightoil Lion” tanker
RelatedBrightoil VLCC and Aframax tanker arrested at Singapore port
RelatedSingapore: Players to get fuel oil cargoes back from Brightoil bunker tankers
RelatedSingapore: Petrolimex v Brightoil case progresses to Pre Trial Conference
RelatedSingapore: Brightoil bunker creditor list growing with new firms
RelatedSingapore: Petrolimex owed over USD $30 million by Brightoil
RelatedBrightoil signals return to the shipping sector, starts reorganisation of debt
RelatedSingapore: Brightoil bunker tanker fleet placed under Sheriff’s arrest
RelatedSingapore: Toyota Tsusho Corporation seeking $21 million from Brightoil
RelatedQatar National Bank seeks USD $21.59 million debt from Brightoil

Published: 1 July, 2019

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