The High Court of the Republic of Singapore on 25 August approved an application filed by Deloitte Singapore, the Judicial Managers (JMs) of defunct Singapore bunker supplier Inter-Pacific Petroleum (IPP), to seek further information from two of the company’s former auditors*.
In short, the JMs wanted to confirm if both of IPP’s former auditors “were reasonably assured that its assessment that the receivables owed by Mercuria Energy were not in any way doubtful”, according to court documents obtained by Singapore bunkering publication Manifold Times.
They wanted to know if both of IPP’s former auditors knew if any receivables owed by Mercuria Energy Trading Pte Ltd would have been outstanding for more than 60 and 180 days when audit procedures, including alternative testing procedures, and issuance of IPP’s final audit report for FY 2017 were conducted.
This was because there remained at least 32 earlier invoices dated between 9 September 2017 to 20 December 2017 amounting to USD 90 million (exact: USD 90,103,788.96) which remained unpaid to IPP before a Mercuria Energy payment issued on 11 January 2018.
The JMs wanted to confirm if both IPP’s former auditors took any further steps to verify the discrepancy with IPP’s former management and Mercuria Energy.
The response from IPP’s former auditors are expected to be heard at a court hearing scheduled in November 2022.
Note: An auditor’s report is a written letter containing the auditor’s opinion if a company’s financial statements comply with Singapore Financial Reporting Standards (SFRS) and are free from material misstatement; it is usually attached with a company’s financial statements.
*Singapore bunkering publication Manifold Times has chosen to withhold the names of IPP’s former auditors.
A timeline organised list of events preceding the current development of Inter-Pacific Petroleum has been recorded by Manifold Times below:
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Related: MPA revokes Inter-Pacific Petroleum Pte Ltd bunker supplier licence
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Related: Inter-Pacific Group, Inter-Pacific Petroleum to hold creditors’ meet
Related: NewOcean detains Singapore-flagged bunker tanker “Pacific Energy 28”
Related: SocGen lawsuit against NewOcean Petroleum dropped, party to counterclaim
Related: MPA revokes Inter-Pacific Petroleum bunker craft operator licence
Related: Magnets on MFMs: Trial starts for former bunker clerk of “Consort Justice
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Related: With nearly $180 million of debt, IPP proposes interim judicial management
Related: Inter-Pacific Group, Inter-Pacific Petroleum under judicial management
Related: Magnets on MFMs: “Consort Justice” crew pleads ‘not guilty’ to tampering charge
Related: IPP responds to temporary suspension of bunker craft operator licence
Related: MPA temporarily suspends IPP bunker craft operator licence
Related: Singapore: Bunker Cargo officer, crew face charges over alleged MFM tampering
Photo credit: Manifold Times
Published: 12 September, 2022
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