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Fri 10 Nov 2017, 15:53 GMT

Brightoil 'unable to provide definitive timetable' for release of annual results


Bunker seller provides update on work carried out since share trading was suspended on October 3.

Brightoil Petroleum (Holdings) Ltd said on Friday that it was not able to provide a date for the publication of its annual results for the 12-month period up to June 30, 2017.

As previously reported, trading in shares of the Hong Kong-listed firm was halted on October 3, with the company requesting a suspension until the publication of its financial results, which were due to be released by September 30 under listing rules.

Commenting on the work carried out since the board requested that a review be conducted in September, Brightoil explained that the audit committee had been liaising with the company's auditor regarding the auditor's request for Brightoil to provide further information and for an independent investigation over "certain oil trading transactions" to be performed.

Brightoil stressed that even though it is "not aware of any allegations about the financial statements of the company", the firm's audit committee has enlisted the services of an independent adviser on forensic technology and investigation services to assist with the review of the aforementioned transactions.

The transactions in question are said to have been carried out by a subsidiary of the company with "certain customers".

Brightoil explained that the audit committee has been formulating the scope of the review, and that it has also been monitoring the progress of the work performed by the independent adviser, whilst it is also refining the focus of the review and the work of the adviser.

Timetable

Indicating that there may be additional steps in the process before the review is concluded, Brightoil said: "Depending on the results of the work by the independent adviser and the review, the auditor may request additional information or require other steps to be taken for the completion of the audit."

Brightoil also noted that it was considering bringing in other professionals during the review process.

"The date of completion of the audit and the publication of the result announcement will be further considered with the auditor," Brightoil stated.

The bunker seller added that it was "presently unable to provide a definitive timetable" for the completion of the review.

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