Tag Archives: Audit

Britain’s richest man Jim Ratcliffe emerged as a resident of Monaco after PwC stepped down as an auditor | Instant News

It’s official: Jim Ratcliffe, the richest man in England, is now a resident of Monaco.

The 67-year-old is registered as living in the kingdom on the French Riviera, where residents do not normally pay income tax or capital income, according to filings this week from a British company he helps manage.

Ratcliffe is worth $ 22.5 billion through a major stake in closely-held Ineos, a London-based chemical producer he has helped build since the 1990s. Relocation details have been circulating since 2018, and last year Sunday Times reported that tax planning around Ratcliffe and other senior Ineos executives caused tension with the company’s auditor, PwC. The accounting firm then resigned as Ineos’ auditor.

A PwC spokesman declined to comment. A representative from Ineos did not respond to requests for comment.

Monaco first emerged as an option for Ratcliffe when he and other Ineos executives considered moving the company’s headquarters about a decade ago after a tax disagreement with the British government. At that time, the prospect of transferring Ineos employees and their young families to a sovereign state prompted company leaders to settle into a larger jurisdiction in Switzerland.

Leaving England for Switzerland “was a sad moment – all three Ineos leaders defined themselves as being very ‘pro-British,’” according to a 2018 biography from the company co-authored by Ratcliffe. “The search for suitable relocation purposes is a mixture of emotion and tax pragmatism.”

Other wealthy supporters of Britain’s exit in the European Union have also shifted their wealth since the country chose to leave the trading bloc in 2016. James Dyson moved to Singapore, and Anthony Bamford, chairman of excavator maker JC Bamford Excavators Ltd., transferred a stake in the holding company. The Caribbean to Switzerland this year, changing the arrangement that grew his family’s fortune for decades.


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Thome Group completed a remote audit with DNV GL – Digital Ship | Instant News

The Thome Group has successfully undergone a series of remote audits with DNV GL in various locations due to extensive locking restrictions throughout the world.

{mprestriction ids = “1,2”} The annual ISO 9001: 2015 audit of the Mumbai office is conducted online using video conferencing software that allows document sharing and discussion to take place to verify that all requirements have been met. This is Thome’s first remote inspection and, due to its success, Thome encourages the Group to use digital options for other audits as well.

When the annual Compliance Document (DOC) survey is scheduled for Thome Ship Management, Thome Shipments and Thome Offshore Management, remote options are the clear choice.

DNV GL in Singapore coordinates audits with relevant Thome personnel in each of these companies and the Hong Kong, Liberia and Marshall Islands Flags also have representatives present to watch the audit remotely. This is currently the largest annual long-distance DOC audit conducted by Singapore’s DNV GL office.

Drawing lessons from the above audit, Thome decided to develop its own long-distance ship internal audit procedures to ensure that the vessels managed were not only in accordance with ISM Ch.12.1 requirements, but also, to ensure that the management system was verified to be effective. implemented, despite COVID-19 restrictions.

Thanks to the efforts of the Quality Assurance, Marine & Safety Department, and Thome’s IT department together with the collaboration of one of Thome’s managed vessels, methods such as teleconferencing, screen sharing to demonstrate the use of systems and documents onboard, and sharing photos and videos to verify the physical conditions above ships, all of which are used to complete successful audits which means that remote internal audits are now being launched to the entire fleet.

“I am very happy how our team, both inside and in our office, has worked with our class and flag partners to find ways to share information remotely to enable surveys and audits to take place during lock restrictions. All parties have taken a very pragmatic and practical approach to meeting regulatory requirements using digital technology. I think that after the lock restrictions are loosened, we can see the continuation of remote audits and inspections because it proves to be an efficient use of everyone’s time and energy that benefits all people concerned, “said Claes Eek Thorstensen, president and Thome Group cco group. {/ mprestriction}


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