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HKSE probes ‘management integrity’ of Brightoil Petroleum Holdings

18 Nov 2019

Hong Kong-listed Brightoil Petroleum Holdings on Friday (15 November) said it intends to fulfil the recent additional resumption conditions imposed by the Hong Kong Stock Exchange on 8 November over a ‘regulatory concern’.

“On 8 November 2019, the Company received a letter from the Stock Exchange, stating the Company needs to demonstrate that there is no reasonable regulatory concern about management integrity, and/or any persons with substantial influence over the Company's management and operations, which will pose a risk to investors and damage market confidence, as an additional resumption guidance,” informed Brightoil.

“The Company is now taking appropriate steps to fulfill all the resumption conditions/guidance and will keep Shareholders and potential investors informed of the progress as and when appropriate.”

The new conditions for the resumption of trading in Brightoil’s shares on HKSE adds onto the current conditions imposed by the stock exchange on dated 28 December 2017:

  1. disclose the findings of the forensic investigation, assess the impact on the Company’s financial and operational position, and take appropriate remedial actions;
  2. publish all outstanding financial results and address any audit qualifications; and
  3. inform the market of all material information for the shareholders and investors to appraise the Company’s position.

Brightoil in its third quarter update said it has switched its independent forensic accountant, replacing KPMG Services Pte. Ltd. with RSM Corporate Advisory (Hong Kong) Limited on 27 August 2019 “primarily due to geographic concerns”.

It has also appointed RSM Consulting (Hong Kong) Limited as its internal control adviser on 21 October 2019 to review the internal control policies and procedures.

The company’s auditor, PricewaterhouseCoopers, has meanwhile commenced audit work on the Group’s outstanding financial results. It is expected that the preliminary results will be available in December 2019.

Yu Ming Investment Management Limited, Brightoil’s appointed financial adviser in Q3 2019, has started on formulating a plan to satisfy the Resumption Conditions and resume trading in the company’s shares on the Hong Kong Stock Exchange.

An appeal by the former Chairman and Executive Director of Hong Kong-listed Brightoil Petroleum Holdings Dr Sit Kwong Lam against a bankruptcy order presented by Petrolimex Singapore Pte Ltd due to debt of over USD 30 million has been dismissed by the Court of Appeal in the High Court of the Hong Kong Special Administrative Region on 24 October 2019.

Dr Sit is currently a Strategic Adviser of Brightoil.

Related: Brightoil faces $161 million claim from China Petroleum Pipeline Engineering
Related: Official: Dr Sit Kwong Lam leaves Brightoil Petroleum Holdings
Related: Petrolimex Singapore wins USD 30 million bankruptcy order against ex-Brightoil Chairman
RelatedHong Kong: Dr Sit Kwong Lam returns to Brightoil as Strategic Adviser

Photo credit: Brightoil
Published: 18 November, 2019


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