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.
Related: Danish Business Authority finds fault with OW Bunker auditors
Related: Singapore: O.W. Bunker A/S stakeholders take Deloitte & Touche LLP to court over alleged negligence
Published: 4 September, 2020
Singapore assessment will officially start today (Monday) with trade information reported by 7pm, Business Development - Asia tells Manifold Times.
Complaint relates to decision making process of on-going tender to operate Labuan’s containerised port.
The Oslo office is the company’s eighth location and aims to expand the reach of its main Norway office in Tønsberg.
The company, which operates 12 river bunker stations in North West Europe, will be listing “in the coming weeks”.
The group is building a refinery in Malaysia which is anticipated to be its overseas ‘driving force’.
Company spokesman for Torm notes of ‘minor delay’; while scrubber installations of DHT Holdings and Swedish Stena Bulk have been respectively postponed.
Garren Hay will be responsible for sales of the PANOLIN range of Environmentally Acceptable Lubricants for the Singapore sole distributor agent Gealubes Consulting & Trading Pte Ltd.
Universal Alliance, BMS United, Digiland International, Goodwood Associates, Southernpec (Singapore), and Taigu Energy were involved in alleged circular fictitious trades of fuel oil during July 2015.
Bunker orders of ISO 8217:2010 spec LS 380 cSt 0.5% for Nord Gemini, Nord Titan, Ocean Rosemary, and Luzern were placed through global commodities trading and logistics house Trafigura Pte Ltd.
While Covid-19 concerns are important, Captain Rahul Choudhuri was quick to note this does not mean bunker fuel related issues have indeed disappeared from the shipping sector.
‘Therefore, representing the players of the Malaysian bunker industry, we sincerely hope that this matter can be refined and reconsidered immediately so that all parties benefit together,’ says communication.
Maureen Poh, a Director of Helmsman LLC, offers plain practical tips on the differences between US and EU Sanctions and shares some thoughts on what companies could do if they are potentially exposed to sanctioned entities.
