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NewOcean Energy auditor tender resignation over disagreement of FY 2021 audit fee

27 Jan 2022

Hong Kong-listed NewOcean Energy Holdings Limited on Thursday (26 January) said Crowe (HK) CPA Limited (Crowe) has resigned as auditor of the company for the financial year ended 31 December 2021 with immediate effect.

The resignation was due to NewOcean and Crowe not reaching, “a consensus on the audit fee in respect of the financial year ended 31 December 2021,” it explained.

“Crowe stated in its letter of resignation that, after taking into account many factors including the level of audit fees and its available internal resources in the light of the current work flows, it decided to tender its resignation as auditor of the Company,” said NewOcean.

The Board has resolved, on the recommendation of the Audit Committee, to appoint Confucius International CPA Limited as the new auditor of NewOcean with effect from 26 January 2022 to fill the casual vacancy following the resignation of Crowe and to hold office until the conclusion of the next annual general meeting of the company.

Manifold Times earlier reported NewOcean Energy, a firm with bunkering operations, officially beginning its “soft touch” debt restructuring process on 21 December.

Related: NewOcean company secretary and authorised representative resigns on HQ relocation
RelatedNewOcean Energy loses second Executive Director on HQ relocation to China
RelatedNewOcean Energy HQ relocates to mainland China, Executive Director resigns
RelatedNewOcean Energy officially begins ‘soft touch’ debt restructuring process
RelatedNewOcean Energy reshuffles lineup of Independent Non-executive Directors


Photo credit: Tarik Haiga on Unsplash
Published: 27 January, 2022

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