Hong Kong-listed NewOcean Energy Holdings Limited (NewOcean) on Thursday (29 April) said Deloitte Touche Tohmatsu (Deloitte) has resigned as auditor of the Company with effect from 29 April 2021.
According to NewOcean, Deloitte submitted a resignation letter citing the following as the reasons for the company’s withdrawal:
Significant supporting documents and information outstanding, causing delay in the audit progress for the audit of the NewOcean’s consolidated financial statements for FY 2020 in particular:
(1) NewOcean’s management assessment on the material uncertainty related to going concern, given
that the scheme meetings have been adjourned;
(2) NewOcean’s management impairment and recoverability assessment on certain assets, such as properties, plant and equipment, goodwill, other intangible assets, deposits paid, trade receivables and other debtors;
(3) other major outstanding information to complete the remaining work to audit FY2020.
NewOcean’s business operations are located, apart from Hong Kong, in Mainland China, Macao, Malaysia and Singapore and the situation of significant documents and information outstanding is mainly a result of the lockdown in the above countries and regions due to the Covid-19 pandemic.
As there has been no tangible progress to date with respect to the outstanding documents and information and considering that Deloitte has been unable to reach a consensus with NewOcean on the estimated timetable to complete the audit, Deloitte tendered their resignation as auditor.
In its statement, NewOcean confirmed that there is no disagreement between the company and Deloitte.
NewOcean’s Board has appointed Crowe (HK) CPA Limited as the new auditor with effect from 29 April 2021 to hold office until the conclusion of its next annual general meeting.
Due to the change of the auditors, the company expects the audit of FY 2020 to be delayed to the end of June 2021 subject to the latest development of Covid-19 pandemic in Mainland China, Macao, Malaysia and Singapore.
The group recently recorded net loss of HKD 2.366 billion (USD 304.3 million) during FY 2020, mainly due to the drop in gross profit and additional impairment provision for goodwill, intangible assets, trade receivables, other receivables, inventories and property, plant and equipment, etc.
Related: NewOcean revises creditor scheme meeting dates at Hong Kong, Bermuda Courts due to ‘substantial’ amendments
Related: NewOcean records USD 304.3 million loss, portion of SG bunkering business to remain
Related: NewOcean Energy issues USD 304.8 million net loss warning ahead of FY 2020 results
Related: NewOcean proposal to adjourn court scheme meeting approved by creditors
Related: NewOcean creditors meeting application granted by Supreme Court of Bermuda
Related: NewOcean planning creditors meeting, foundation of debt restructuring plan laid out
Related: NewOcean records USD 174 million 1H 2020 loss; Singapore bunkering business remains
Related: NewOcean Energy publishes profit warning to shareholders ahead of 1H 2020 results
Related: NewOcean Energy records 66% bunker sales jump to 4.5 million mt in FY 2019
Photo credit: NewOcean Energy Holdings Limited
Published: 30 April, 2021
Emergency Bunker Surcharge partially offset rising unit cost of 7.7% due to market price of marine fuel.
Bunker Delivery Receipt does not state destination of the vessel, says Danish Maritime Authority spokesman.
In three-month time charter contract for Aframax oil products tanker at US$12,500 per day.
New suggestion can cause confusion between the ship, bunker supplier, time charter etc, especially if the testing results turn out to be different, said BIMCO.
‘Huge opportunity’ for oil majors and refiners to return to being a force in retail bunkering, suggests Infospectrum.
Eleven stakeholders of O.W. Bunker A/S, including representatives of Altor Equity Partners, start suit against the former company auditor over financial statements of Dynamic Oil Trading.
OctamarTM HF-10 Plus was subjected to tests conducted at a third party lab by SGS Testing and Intertek in Singapore under the supervision of ClassNK earlier this year, according to spokeswoman.
Former Regional Marine Manager of BP Singapore issued penalty of SGD 6 million; he faces an additional 28-month imprisonment term if penalty is not paid, says Judge.
Sing Fuels claiming over total 1,049.29 metric tonnes of 380 centistokes bunker fuel delivered to bulk carrier Lila Shanghai at Port Elizabeth, South Africa in July 2019, according to court documents.
Reserve Stability Number results are ‘questionable’ as almost all additives targeting asphaltene management show effectiveness in the test, says spokesman.
Singfar International partnering Lianyungang Shenghua Shipbuilding to deliver 7,000 dwt DF bunker tankers from 2023 to support decarbonisation of the Singapore maritime industry.
GSM awarded USD 1.85 million as well as SGD 5,800; Judge finds SFM Director ‘ungrateful and dishonest in his dealings with Bernard and the plaintiff,’ according to Court Judgement seen by Manifold Times.
