A pre-trial conference (PTC) between stakeholders of the defunct bunkering firm O.W. Bunker A/S (currently in insolvency proceedings) and professional services company Deloitte & Touche LLP is scheduled to take place at the High Court of the Republic of Singapore on Thursday (4 June).
The plaintiffs are claiming against Deloitte & Touche for damages over “breach(es) of their contractual obligation(s) and/or dut(ies) in their audit of the financial statements of Dynamic Oil Trading (Singapore) Pte Ltd (now in creditors’ voluntary liquidation and receivership), thereby resulting in the Plaintiffs suffering loss and damage,” according to a document obtained by Manifold Times from the court.
The claim for damages is filed under section 15 of the Civil Law Act. In summary, the section states “any person liable in respect of any damage suffered by another person may recover contribution from any other person liable in respect of the same damage (whether jointly with him or otherwise),” according to Singapore Statutes Online, the Legislation Division of the Singapore Attorney-General’s Chambers.
The plaintiffs, in their respective capacities before the collapse of O.W. Bunker A/S in November 2014, are:
PTCs are largely private affairs held between legal representatives of parties; with media attendance usually restricted.
“At PTCs, the Registrar will usually seek an update on the status of an action,” according to information from the Singapore Supreme Court website.
“Directions will then be given for the parties to progress the action in an expeditious and fair manner e.g the filing of interlocutory applications and the timelines therein.
“An action may go through several PTCs. Parties who reach a settlement at a PTC may record the settlement before the Registrar. Otherwise, trial dates will be given for matters that cannot be settled.”
In November 2018, Deloitte & Touche was the subject of investigations led by the Danish Business Authority, also known as the Erhvervsstyrelsen, regarding “significant deficiencies in the work performed” in the auditor’s statements of the O.W. Bunker group.
The auditor disagreed with the Erhvervsstyrelsen’s criticism, and said the business authority had “a lack of understanding of both accounting principles and business standards for the type of companies represented by O.W. Bunker.”
Lars Moller, the former CEO of O.W. Bunker subsidiary firm Dynamic Oil Trading (Singapore) Pte Ltd, was found by the Court of Aalborg in Denmark to be guilty of several criminal codes on May 2018 and sentenced to a prison term of one year and six months.
The jail term was later increased to five years due to mandatory fraud of “a particularly serious nature” after a failed appeal by Moller, according to a statement from The High Court of Denmark, also known as Højesteret.
Related: Danish Business Authority finds fault with OW Bunker auditors
Related: O.W. Bunker verdict: Prison sentence for Lars Moller
Related: OW Bunker: High Court explains reviewed judgement of Lars Moller
Photo credit: Manifold Times
Published: 3 June, 2020
To deploy collection vessel and build facility at port after completing feasibility study for financial plans.
Having joined the company since 2002, Dollerup has been involved in trading, management and strategic business development, bringing with him a diverse range of knowledge.
Manifold Times obtains document purportedly showing total debt of approximately US $357 million to 79 firms.
Application under Section 211B(1) of the Companies Act to be heard before High Court of Singapore on 16 March.
Developer receives permits, signs construction contracts, secures funds to build 1.3 million cbm tank terminal.
Earlier generation ICUs were designed for operation with residual fuels, and long-term use with low viscosity bunker fuels may result in shorter component life.
Current low prices for road and aviation fuels in September could mean another increase of flashpoint off-spec cases for MGO when players start introducing the products back into the bunker stream.
Some bunker suppliers at various ports have even achieved their sales target for the year; the trend doesn't seem to be slowing down and suppliers are expecting a boom during end of September.
The company has entered a memorandum of agreement with Millenium Satu Ltd to acquire the 7,550 dwt oil tanker to increase service flexibility; vessel will be paid over an installment period of 36 months.
Deloitte & Touche JMs believe IPP has a viable claim against Dr Goh Jin Hian for breaches of his director’s duties to act with skill, care and diligence which he owned to IPP, states court document.
An earlier MPA notice outlined precautionary measures for personnel to observe when conducting marine refuelling operations at port in order to minimise the risk of contracting Covid-19.
Mok’s offence affected public confidence in the use of the MFM system onboard Singapore bunker tankers, and caused an embarrassment to the MPA, said Deputy Public Prosecutors.
