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
Following MEPC session in November 2020, new amendments were adopted to MARPOL Annex VI which will come into force on 1 April 2022.
Refinery has achieved stable production as of Friday 10 April with eight cargoes of RMG180 marine fuel oil, reaching a total of 13,600 mt, being used for bunkering.
Ulrich Hyldedahl Rasmussen will be based in Singapore and will head the Credit Team globally.
Launching service at three locations, mulls for future Singapore bunker fuel testing laboratory.
This is the second Uni-Tanker vessel to join Bunker One as earlier this year M/T Amak Swan commenced fuel delivery operations in Sweden, said Bunker One.
MPA, Sinanju Tankers, and Ship Supplies Direct were among panelists at the event centred on “Building a Future-Ready Maritime Singapore”.
On 5th June 2021, VPS carried out a Remaining On Board (R.O.B.) survey on board a Singapore-registered bunker tanker at short notice by the Charterer and quickly identified the theft of 98 metric tons of bunker fuel.
The Bunkerchain Pte Ltd and Helmsman LLC sponsored event will be moderated by Gabian Chew, Senior Editor of Singapore bunkering publication Manifold Times.
No quarantine required if vessels have not called at Brazil, India, Nepal, Pakistan, the Philippines and South Africa during the 21 days prior to arrival at Hong Kong port, according to Marine Department notice.
CCIC discuss the progression of MFM technology for bunkering at Singapore port with Manifold Times; and possible development of a primary facility for MFM calibration.
‘The acquisition of PGI Industries will enhance VPS’ preventative maintenance services offered to the power sector, increasing protection and sustainability of the asset,’ says Malcolm Cooper, CEO, VPS.
A foreign vessel was involved in an alleged unauthorised STS incident with bunker tanker Pearl Melody on 5 June, Director and General Manager of Consort Bunkers tells Manifold Times.
14 Jun 2021
