The High Court of Singapore has approved Malaysian bank CIMB’s application for Hontop Energy, the trading arm of Chinese independent refiner China Wanda Holding Group Co Ltd, to be placed under judicial management, reports Reuters.
According to the filing, CIMB is looking to recover USD 105 million that it has lent to the company and Hontop owes approximately USD 470 million to seven creditors.
RSM Corporate Advisory Pte Ltd has allegedly been nominated to take on the role of interim judicial manager.
The transactions that raised CIMB’s suspicions, as outlined in the filing, included a series of cargoes that Hontop said it would be selling to BP but failed to disclose vital information on these deals to CIMB.
On one account, CIMB was notified that one of these deals were structured on an ‘open account’ basis whereby the cargo would be shipped and delivered before payments are made.
However, when CIMB requested for BP to fulfil their payments, CIMB was informed that the payment terms of the cargo had been structured under a separate agreement between BP and Hontop.
Additionally, BP had not received payments from Hontop and therefore BP claimed it was not liable to pay either Hontop or CIMB for the cargo.
Photo credit: Stevepb
Published: 6 July, 2020
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