PwC quits as auditor of Lucky Star-owner Oceana amid ‘strained’ relationship
PwC has resigned as external auditor of Oceana because of a “strained” relationship with the company, and a lack of transparent communication with the board, amid a tumultuous period at the troubled fisheries and logistics group.
At the last annual general meeting, shareholders holding 38% of Oceana’s shares voted against retaining PwC as the group’s auditors. Oceana was meant to consult with shareholders on the reappointment of PwC on Monday, but instead announced on the day that PwC had resigned.
“Shareholders are now advised that late afternoon, Friday (…) PwC resigned as auditors of the group with immediate effect in respect of the audit of the financial year ending September 2022.”
Oceana said PwC said this was “due to their assessment of significant doubt as to whether there was objective and transparent communication between the board and PwC given the strained relationship, which they assert constituted a significant impairment of their independence.”
Oceana was looking at alternatives to PwC, and discussions with another of the big four auditing firms were progressing.
Monday’s meeting will still go ahead in order to provide shareholders a chance to engage with Oceana’s audit committee.
Oceana owns canned fish brand Lucky Star and also has a presence in other global markets where it sells fishmeal, fish oil and fish. It also owns a logistics company specialising in cold storage and transport of products such as fish, fruit and vegetables, poultry and meat.
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New DHL Global Forwarding Investment Into Johannesburg Facility
While it is much to early to fully grasp the economic impact of the current Covid-19 pandemic DHL has invested R127-million in a new 13 000 m2 facility. Twice the size of its current set-up and located next to the OR Tambo International Airport aimed at cementing its position within South Africa.
This new facility will consist of a 10 000 m2 warehouse that enables DHL Forwarding consolidation on all customer warehousing requirements. It will also boast will an exclusive and specialized cold chain facility that consists of three adjustable temperature-controlled refrigerators geared to handle life science and healthcare products in and out of South Africa.
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Sustainable Truck Testing
The largest producer in heavy trucks has brought in two Liquefied Natural Gas (LNG) trucks to be tested locally. These gas-powered trucks have specifically been developed for heavy regional and long-haul operations. This local testing is being done with the vision in mind that trucks will eventually have zero emissions and the way of achieving a zero-emission system is not through one single solution but rather through several solutions in parallel.
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Testing will soon start to establish the viability of the LNG alternative to reduce climate-impact emissions from heavy commercial traffic that will bring about the change of environmentally friendly transport solutions that are good for the industry and the planet.