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
Demand for spot bunker fuel in Singapore strengthened this week over Opec+ group's indecision about output levels that lowered crude prices overnight.
Sinopec’s Executive Director Li Zurong further discusses investment plans for an oil refinery at Hambantota.
Creditors required to send in their names and addresses and the particulars of their debts or claims, amongst others, within thirty days to the appointed liquidator.
Markets able to balance with an extension of OPEC cuts through 2020 due to demand from IMO 2020 regulations.
Kasper Christiansen and Janek Ekeli relocates to Stamford, while Matthew Sharkey joins as Senior Purchaser.
Latest development leaves a total of 44 accredited bunker suppliers operating at Singapore port, show MPA data.
Program introduces periodic assessments, mass flow metering data analysis, and regular training for relevant key personnel to better handle the MFMS to ensure a high level of continuous operational competency.
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.
