The Danish Board of Auditors has reportedly fined two auditors from Deloitte a total DKK 200,000 (USD 31,840) regarding the audit of O.W. Bunker’s accounts before the company’s listing and subsequent collapse in 2014.
“We are very pleased that the Board of Auditors rejects the part of the criticism that concerns whether OW Bunker’s consolidated accounts for 2013 were correct,” said Nordic director of Deloitte Anders Dons in a statement responding to the board’s decision.
The Danish Business Authority, also known as the Erhvervsstyrelsen, in 2018 decided to submit two auditors to the Audit Board after completion of its review of the audit of the annual and consolidated financial statements for 2013 for OW Bunker A/S.
“The Erhvervsstyrelsen has found that the auditors have failed to plan and perform audit procedures to counteract the risk that the Group’s gross profit could be significantly affected by gains / losses on changes in oil prices, including net gains on oil derivatives that were not intended to hedge the risk in oil prices on stocks and contracts concluded,” stated the Danish Business Authority in 2018.
Published: 4 September, 2020
Fast Energy Sdn Bhd is currently exploring collaboration with a major Malaysian bunker supply firm operating at Port Klang; the operation will be supported by CCK Petroleum upon finalisation.
Veritas Petroleum Services records numerous contaminants such as plastic, fibres, black gum, paraffins, fatty acids, and other component found in the off-spec RMK 700 marine fuel.
Course includes topics on valid and binding transactions; quality or quantity disputes; shipping issues; contract termination; claims; insolvency and others. Registration closes 25 February 2021.
All bunker vessels that have received the necessary clearance for out of port bunkering operations may do so at the stated Tompok Utara coordinates only or risk penalty, according to the MMEA.
The COVID-19 pandemic continues to evolve and MPA is working closely with other agencies to monitor the situation, both globally and in Singapore, the port authority tells Manifold Times.
Caroline Yang, President of SSA, addresses issues earlier raised by players; including PMC No. 04, the seven-day restriction, contactless bunkering, sampling point, hose connection, and more.