Legal

OCBC files for Xihe Holdings to be placed under judicial management

OCBC “strongly distrusts” the current management of Xihe and suggests restructuring to restore confidence for potential investors, reports The Business Times.

Published

6 years ago

July 22, 2020

Admin

Singapore’s third largest bank, Oversea-Chinese Banking Corp (OCBC) have filed an affidavit for Xihe Holdings, a private company owned by the Lim family, to be placed under judicial management following incidents of fraud uncovered at Hin Leong Trading (HLT), reports The Business Times.

In the filing, OCBC claims the mismanagement in terms of financial reporting and other such “serious irregularities” in HLT are also present in Xihe, causing the bank to “strongly distrust” the current management of the company.

OCBC Bank has put forward Seshadri Rajagopalan and Paresh Jotangia of Grant Thornton Singapore to be appointed as independent Interim Judicial Managers (IJMs) for Xihe along with four of its subsidiaries: Da Xin Tankers, Hua Guang Shipping, Nan King Maritime and Hua Xin Shipping in order to restore confidence in potential investors.

“The Xihe subsidiaries have persistently failed to seek and collect payments from Ocean Tankers for months or years, to the prejudice of creditors of the Xihe Group and in breach of contractual obligations owed to OCBC,” stated OCBC in its court filing.

Some incidents cited by OCBC that raised some red flags include Xihe transferring USD 208.1 million to HLT via its subsidiary Ocean Tankers “for no valid commercial purpose” and some bareboat charters of OCBC-funded vessels were cancelled without OCBC’s authorisation.

PricewaterhouseCoopers (PwC), court appointed IJM’s of HLT have diagnosed HLT has no chance to restructure without the owners committing their own assets to turn the ship around as the company would have trouble raising any funds independently.

PwC also suggested HLT be integrated with other assets owned by the Lim Family under Ocean Tankers Pte Ltd and Universal Terminal to leverage the company’s value as its operations are interdependent on these companies.

Photo credit: Aditya-chinchure
Published: 22 July, 2020

Legal

Shell Singapore charged over Pulau Bukom oil leaks, reporting delays

Shell faces four charges under Singapore’s Prevention of Pollution of the Sea Act over two 2024 oil discharge incidents at its Pulau Bukom facility.

Published

12 hours ago

September 25, 2026

Admin

2 MPA craft (left) supporting Shell craft in the clean up operations of the oil sheens taken on 28 Dec 9am

Shell Singapore has been charged over two incidents in 2024 involving oily mixtures discharged into Singapore waters from its facilities at Pulau Bukom, according to media reports on Tuesday (22 September).

The company faces four charges under the Prevention of Pollution of the Sea Act, including allegations that it failed to report the discharges to the port master immediately.

The first incident occurred on 20 October 2024, when approximately 40 metric tonnes (mt) of oily mixture was discharged through a hole in a pipeline at the Shell Singapore Energy and Chemicals Park at about 8am.

Shell is accused of reporting the incident to the port master at about 12.55pm, several hours after the discharge occurred.

The second incident took place between 26 and 28 December 2024. An estimated 485kg to 956kg of oil mixture was discharged into Singapore waters from the same facility.

Shell is accused of failing to report the incident immediately, with notification to the port master made at about 11.50am on 26 December 2024, according to the charges.

Singapore’s pollution-prevention regulations require occupiers of such facilities to report oil or oily-mixture discharges into Singapore waters “without delay and to the fullest extent possible”.

Shell’s representative requested an eight-week adjournment at the 22 September hearing, citing the need to obtain internal instructions, appoint counsel and locate historical records. The company said the business associated with the incidents had been divested in 2025.

The case was adjourned to October. Shell is also facing prosecution by Singapore’s National Environment Agency over the same incidents.

Photo credit: Maritime and Port Authority of Singapore
Published: 25 September, 2026

Winding up

Singapore: Liquidator of Xin Bo Shipping Pte Ltd issues notice of dividend

First interim dividend of Xin Bo Shipping is payable by 7 October, according to Government Gazette notice.

Published

1 day ago

September 24, 2026

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A notice of dividend for Xin Bo Shipping Pte Ltd, which is currently in creditors’ voluntary liquidation, was published on the Government Gazette on Wednesday (23 September).

The following are the details of the notice:

Name of Company : Xin Bo Shipping (Pte) Ltd (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 199003660R
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Amount per centum (US$) : 30.00 cents to a dollar of admitted unsecured claims
First and Final or otherwise : First Interim Dividend
When payable : By 7 October 2026
Where payable : Entitlements will be made either by way of telegraphic transfer or by cheque, to be collected from the Company’s registered address as above.

Photo credit: Drew Beamer
Published: 24 September, 2026

Winding up

Singapore: Creditors’ meeting for Fair Wind Chartering Pte Ltd scheduled for 6 October

A creditors’ meeting of Fair Wind Chartering Pte Ltd has been scheduled to take place at 3pm on 6 October, according to a Government Gazette notice.

Published

1 day ago

September 24, 2026

Admin

A creditors’ meeting of Fair Wind Chartering Pte Ltd has been scheduled to take place on 6 October, according to a Tuesday (22 September) notice on the Government Gazette.

The meeting will be held via video conferencing at 3pm for the following agenda:

To receive a Statement of Affairs of the Company, showing the assets and liabilities, together with a list of creditors and the estimated amount of their claims.
To confirm the appointment of Chee Fung Mei, Licensed Insolvency Practitioner, of CHEE FM & ASSOCIATES 110 Middle Road #05-03 Singapore 188968 as Liquidator of the Company for the purpose of such voluntary winding up, and that the Liquidator’s fees be based on her normal scale rates and disbursements incurred be paid out of the Company’s assets.
To consider and if deemed fit appoint a Committee of Inspection.
To consider any other matters which may properly be brought before the meeting.

According to the Singapore Business Directory website, the company’s principal activity is shipping and chattering of ships or boats.

Note: To entitle you to vote thereat, your Proof of Debt must be lodged with the Provisional Liquidator not later than 10:00am on the 5th October 2026. Please submit your Proof of Debt and register your attendance by email to [email protected] to receive further details on the video conference.

Photo credit: Benjamin Child
Published: 24 September, 2026