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KS Energy and KS Drilling placed under IJM; OCBC faces USD 282 million exposure

OCBC has lost all confidence in the companies’ management and is looking to recover payments for some loans including a “Jumbo Loan” of about USD 282 million.
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6 years ago

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Photo 3 of High Court

Editor: The following article is a summary of the full 14-page judgement from the High Court of the Republic of Singapore. The complete document published on 18 September 2020 is available here.

The High Court of Singapore has on Friday (18 September) granted Oversea-Chinese Banking Corporation Limited’s (OCBC) application for KS Energy Limited (KSL) and sister company KS Drilling Pte Ltd (KSD) to be placed under interim judicial management, according to a court document seen by Manifold Times,

According to the document, OCBC has over the past decade, extended several loan facilities to the KSE Group including a “Jumbo Loan” amounting to USD 282 million (exact: USD 282,283,332.20) in July 2010, and a further “bridging loan” of USD 5 million in July 2017. 

KSE executed a deed of guarantee dated 27 July 2010 in respect of the Jumbo loan for up to USD 150 million, as well as a further deed of guarantee dated 9 September 2017 in respect of the July 2017 “bridging loan”.

The court acknowledged that between 2016 and 2019, the KSE Group faced financial difficulties where in 2019 the reported loss after tax for the KSE Group nearly doubled to USD 104.4 million from 2018, while KSD recognised a loss before tax of USD 40.7 million in its unaudited financial statements for2019. 

Compounding KSE Group’s difficulties, Kris Wiluan, the then Chairman of the KS Companies and CEO of KSE was charged with 112 charges on 5 August 2020 for engaging in false trading and market rigging of KSE shares, noted the Court.

Kris Wiluan has since resigned from the management positions and been replaced by his son Richard James Wiluan, who was the Executive Director of KSE and CEO of KSD at the time.

Given the circumstances outlined, OCBC said it has “lost confidence” in the management of KSE and KSD and applied for the companies to be placed under interim judicial management. 

OCBC alleges the KSE Group continues to suffer heavy losses, and has withdrawn support moving forward.

It also alleges KSD is “burning through slightly over USD 1,000,000 per month in manpower and maintenance costs associated with its fleet of rigs”.

The hearing for the companies to be placed under judicial management has been scheduled for Tuesday (13 October), 2.30 pm at the Singapore High Court.

Related: Hearing date set for OCBC application to place KS Energy under judicial management
Related: Singapore: CEO of KS Energy Kris Wiluan facing false trading and market-rigging charges


Photo credit: Manifold Times
Published: 25 September, 2020

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Winding up

Singapore: Final meeting scheduled for Tiger LNG Shipping Pte Ltd

Meeting will be held on 29 June at 190 Middle Road #17-05 Fortune Centre Singapore 188979 to hear any explanation that may be given by the liquidator, according to Government Gazette notice.
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2 days ago

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June 2, 2026

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RESIZED Jo_Johnston from Pixabay

The final meeting for Tiger LNG Shipping Pte Ltd has been scheduled to take place on 29 June, according to the company’s liquidators on a notice posted on Friday (29 May) on the Government Gazette.

The meetings will be held at 10.30am at 190 Middle Road #17-05 Fortune Centre Singapore 188979. 

The meeting is being held for the purpose of having an account laid before the meeting showing the manner in which the winding up has been conducted and the property of the company disposed of, and of hearing any explanation that may be given by the liquidator.

The following are the details of the liquidator:

LUM CHI LUP BENNY
c/o 190 Middle Road
#17-05 Fortune Centre
Singapore 188979

 

Photo credit: Jo_Johnston from Pixabay
Published: 2 June, 2026

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Winding up

Singapore: Annual general meetings scheduled for Xin Guang Shipping and An Xing Shipping

Annual general meeting of the company and creditors for An Xing Shipping and Xin Guang Shipping will be held by electronic means on 11 June and 12 June respectively.

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Published

7 days ago

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May 28, 2026

By

Resized benjamin child

Several notices were published on the Government Gazette on Tuesday (26 May) regarding the annual general meetings of the companies and creditors to be held electronically from 5 to 6 May for Xin Guang Shipping Pte Ltd and An Xing Shipping Pte Ltd. 

Annual general meeting for Xin Guang Shipping are to be held on 12 June at the following times:

  • Annual general meeting of the Company at 2pm
  • Annual general meeting of the creditors of the Company at 3pm

Annual general meeting for An Xing Shipping are to be held on 11 June at the following times:

  • Annual general meeting of the Company at 2pm
  • Annual general meeting of the creditors of the Company at 3pm

The agenda for all the meetings are:

  • To receive an update on the liquidation.
  • To receive an account of the Liquidators’ acts and dealings, and of the conduct of the winding up.

The following are the details of the liquidator: 

Ho May Kee
Liquidator
c/o 8 Marina View
#40-04/05 Asia Square Tower 1
Singapore 018960

 

Photo credit: Benjamin Child
Published: 28 May, 2026

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Winding up

Singapore: Notice of intended dividend issued for Xihe Capital Pte Ltd

Xihe Capital Pte Ltd and its subsidiaries are owned by the Lim family, who are also the owners of the embattled Hin Leong Trading.
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Published

1 week ago

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May 25, 2026

By

RESIZED Drew Beamer

A notice to declare the intended dividend of Xihe Capital Pte Ltd to its creditors has been posted on the Government Gazette on Wednesday (15 April).

Xihe Capital Pte Ltd and its subsidiaries are owned by the Lim family, who are also the owners of the embattled Hin Leong Trading.

The following are the details of the notice of intended dividend:

Name of Company : XIHE CAPITAL (PTE.) LTD. (IN CREDITORS’ VOLUNTARY LIQUIDATION)

Unique Entity No. / Registration No. : 201727410K

Address of Registered Office : 10 ANSON ROAD, #10-10, INTERNATIONAL PLAZA SINGAPORE 079903

Last Day for Receiving Proofs : 5 June 2026

Name of Liquidator : TAM CHEE CHONG

Address : c/o 10 ANSON ROAD, #10-10, INTERNATIONAL PLAZA SINGAPORE 079903

 

Photo credit: Drew Beamer
Published: 25 May, 2026

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