Business

Danish Business Authority finds fault with OW Bunker auditors

Examination of 2013 financial report identifies ‘significant deficiencies in the work performed’, it says.

Published

8 years ago

November 22, 2018

Admin

The Danish Business Authority, also known as the Erhvervsstyrelsen, on Thursday has decided to submit two auditors to the Audit Board after completion of its review of the audit of the annual and consolidated financial statements for 2013 for OW Bunker A/S.

The Erhvervsstyrelsen is the Danish supervisory authority of auditors and audit firms and may initiate investigations if it is considered that there is a risk that an auditor has violated the rules.

If an auditor violates the rules, it may cause the Danish Enterprise Agency to bring them to the Board of Auditors, as has been done in this case.

“The Erhvervsstyrelsen has found that the auditors have failed to plan and perform audit procedures to counteract the risk that the Group's gross profit could be significantly affected by gains / losses on changes in oil prices, including net gains on oil derivatives that were not intended to hedge the risk in oil prices on stocks and contracts concluded,” it said in a statement.

“In addition to the audit of the annual and consolidated financial statements for 2013, OW Bunker A/S has examined a number of auditor's statements issued by the approved auditors in connection with the restructuring of the OW Bunker Group.

“In the examination of these auditors' statements, significant deficiencies in the work performed have also been identified.”

Accounting organisation Deloitte made an announcement to the Danish media in connection to the above.

"We can find that we are fundamentally disagree with the Erhvervsstyrelsen's criticism, which we believe is based on a lack of understanding of both accounting principles and business standards for the type of companies represented by OW Bunker. Therefore, we are looking forward to bringing the case rated by professionals in the Audit Board," said Anders Dons, Managing Director of Deloitte, in the announcement.

“We are in charge of the auditors' audit of OW Bunkers consolidated financial statements for 2013, which were prepared in full compliance with international accounting standards. OW Bunker's business model was widespread and quite common for that type of business.”

Deloitte notes the Erhvervsstyrelsen's criticism do not concern the actual OW Bunker accounts, but its restructuring.

“Instead, the board criticizes certain aspects of the work performed by the auditors in connection with the restructuring of OW Bunker. Although we do not agree in all respects, we take note of the criticism that can be described as being of a more formal nature and does not have any significance for the correctness of the restructuring,” continued Dons.

“However, we can fully stand for the audit of OW Bunkers consolidated accounts, and it is precisely why we fundamentally find it hard to understand why the Danish Commerce and Industry Agency finds reason to criticize the two auditors.”

Published: 23 November, 2018

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

10 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

10 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

10 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026