Chinese independent refiner China Wanda Holding Group, the parent company of Singapore-based Hontop Energy, is approaching a settlement with two of its major creditors DBS Bank Ltd. and Societe Generale SA, reports Bloomberg.
China Wanda has reportedly conceded to settle Hontop’s outstanding balances via its other subsidiaries. In a court filing, it was reported that Hontop’s debts included USD 33.2 million to DBS and USD 63.3 million to SocGen.
Hontop was placed under judicial management in early September with RSM Corporate Advisory Pte Ltd appointed as judicial managers of the company. The September application was filed by CIMB Bank Singapore on 15 June, 2020 as the bank looked to recover USD 105 million from Hontop and accused the company of fraudulent conduct.
Related: Hontop Energy placed under judicial management over fraudulent conduct accusations
Related: Hearing date set for Hontop Energy to be placed under judicial management
Related: CIMB requests for Hontop Energy restructuring amid suspicious transactions with BP
Related: Argus Media: Hontop Energy fraud allegations add to Singapore trading woes
Related: BP Singapore oil traders on leave over being named in Hontop Energy fraud allegations
Photo credit: Stevepb
Published: 25 September, 2020
The litigation at a Zhoushan City court was among other developments highlighted in a quarterly update.
Dan-Bunkering’s press release on alleged violation of EU jet fuel ban for Syria contains faulty information, according to Danish media DR.
We believe methanol will be a transformative fuel in ocean freight, says Managing Director of IGP.
The Bangladesh government has approved Bangladesh Petroleum Corporation’s (BPC) proposals to purchase 150,000 mt of bunker fuel across July-December 2020.
Sources say GP Global's bunkering desks are not closed but "on hold" while it continues talks with creditors; Employee salaries were paid in full last month, reports Argus.
Consortium includes BOS, Penguin International, Durapower Technology and Bureau Veritas; project will target smaller vessels, work boats and crew boats up to 50m length.
Garren Hay will be responsible for sales of the PANOLIN range of Environmentally Acceptable Lubricants for the Singapore sole distributor agent Gealubes Consulting & Trading Pte Ltd.
Universal Alliance, BMS United, Digiland International, Goodwood Associates, Southernpec (Singapore), and Taigu Energy were involved in alleged circular fictitious trades of fuel oil during July 2015.
Bunker orders of ISO 8217:2010 spec LS 380 cSt 0.5% for Nord Gemini, Nord Titan, Ocean Rosemary, and Luzern were placed through global commodities trading and logistics house Trafigura Pte Ltd.
While Covid-19 concerns are important, Captain Rahul Choudhuri was quick to note this does not mean bunker fuel related issues have indeed disappeared from the shipping sector.
‘Therefore, representing the players of the Malaysian bunker industry, we sincerely hope that this matter can be refined and reconsidered immediately so that all parties benefit together,’ says communication.
Maureen Poh, a Director of Helmsman LLC, offers plain practical tips on the differences between US and EU Sanctions and shares some thoughts on what companies could do if they are potentially exposed to sanctioned entities.
