Brightoil Petroleum (S’pore) Pte. Ltd., a wholly-owned subsidiary of Hong Kong-listed Brightoil Petroleum (Holdings) Limited, on Monday (27 July) said it has successfully reached settlement on the outstanding debts with Petco Trading Labuan Company Ltd (Petco) and other interested creditors in the Hong Kong court proceedings.
On Monday, the High Court of Hong Kong granted the dismissal of the winding-up petition earlier filed by
Petco against the company on 17 May 2019, it said.
The company added that trading of its shares on the Hong Kong Stock Exchange has been suspended since 3 October 2017 pending the publication of its Outstanding Financial Results, and will remain suspended until further notice.
Earlier developments of Brightoil (since late 2017 to date) can be found in the search results here.
Photo credit: Manifold Times
Published: 28 July, 2020
Between November 2016 and October 2017, Mr Tan falsified at least 20 invoices and submitted these invoices to UOB and OCBC, according to court documents obtained by bunkering publication Manifold Times.
‘CSM Taurus arrived in Singapore during mid-September and is currently undergoing final preparations before starting commercial operations,’ General Manager of CSM tells Manifold Times.
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‘The JMs have failed to discharge their duties by blindly helping the Banks mount a false case against the Defendant,’ wrote defence lawyers representing former IPP Director Dr Goh Jian Hian in court statement.