Cape Town, South Africa-based fishing company Oceana Group has completed a probe into issues pertaining to its U.S. subsidiary, but was unable to release the company’s results on 31 January, 2022, as it previously promised it would do.
Oceana’s board of directors said in a statement the results – already months late – will now be released 10 days after 31 January, 2022, when an external audit is expected to be completed.
“The cdompany and auditors have engaged with the Johannesburg Stock Exchange (JSE) regarding the delay and to confirm to the JSE their commitment to release condensed reviewed results within the timeframe indicated,” the company said.
Oceana announced in October 2021 it was experiencing a delay in the finalization of the group’s financial results for the year ended 30 September, 2021, pushing back its planned publication date from November 2021.
Due to the delay in the release of the results, Oceana Group’s shareholders have been advised to “exercise caution when dealing in the group’s shares until such time as the group’s condensed results are released.”
The group said a whistleblower had raised questions concerning the 25 percent shareholding the company holds in Westbank Fishing LLC held by Daybrook Fisheries Inc., a wholly owned subsidiary of Oceana Group. The company then ordered a review of the transaction, shareholders,’ and operating agreements of the U.S.-based affiliate.
Other issues raised by the whistleblower include conflicts of interest arising from relationships within the workplace, procurement of COVID-19 protective gear, and also “the management style, culture and the governance over reporting conflicting in certain areas within the group.”
Oceana said on 31 January a probe and analysis of the issues raised by the whistleblower revealed several scenarios, including that there “has been no evidence of fraud, misappropriation, or loss of funds or management override of controls arising from any of the matters raised.”
South Africa-based law firm ENSafrica led the probe into some of the principal aspects raised by the whistleblower, completing the assignment by the end of December 2021.
The Oceana Group’s board said although the audit is substantially complete “the auditors require more time of approximately 10 days in which to finalize their conclusions and the results will be released thereafter.”
Photo courtesy of Oceana Group
