The Stock Exchange of Hong Kong Limited (HKSE) on 18 December 2017 sent a letter outlining trading resumption conditions to Hong Kong-listed Brightoil Petroleum (Holdings) Limited, said the latter on Thursday.
Brightoil’s shares has been suspended since 3 October 2017 pending release of its annual results for the year ended 30 June 2017 due to a review.
The letter notes Brightoil should fulfil the following conditions for the resumption of trading:
To date, Brightoil’s audit committee has engaged an independent adviser to provide forensic technology and investigation services to assist with the review.
“The company [Brightoil] has been informed by the audit committee that the work of the independent adviser has not been completed and the audit committee is to work with the independent adviser to refine the focus of the work and to formulate a timetable for the completion of the review,” states Brightoil.
It adds: “The company is taking appropriate steps to fulfil the resumption conditions and will keep the shareholders and potential investors informed of the progress as and when appropriate.”
Published: 28 December, 2017
U.S. Claims Register Summary recorded a total USD 833 million claim from a total 180 creditors against O.W. Bunker USA, according to the creditor list seen by Singapore bunkering publication Manifold Times.
Glencore purchased fuel through Straits Pinnacle which contracted supply from Unicious Energy. Contaminated HSFO was loaded at Khor Fakkan port and shipped to a FSU in Tanjong Pelepas, Malaysia to be further blended.
Individuals were employees of surveying companies engaged by Shell to inspect the volume of oil loaded onto the vessels which Shell supplied oil to; they allegedly accepted bribes totalling at least USD 213,000.
MPA preliminary investigations revealed that the affected marine fuel was supplied by Glencore Singapore Pte Ltd who later sold part of the same cargo to PetroChina International (Singapore) Pte Ltd.
‘MPA had immediately contacted the relevant bunker suppliers to take necessary steps to ensure that the relevant batch of fuel was no longer supplied. Further investigations are currently on-going,’ it informs.
Juandi bin Pungot spent SGD 3.4 million of his criminal benefits on amongst others, cars, luxury watches, and properties, according to documents seen by Singapore bunkering publication Manifold Times.