The Co-heads of Trade and Commodities Finance for Asia-Pacific at French multinational investment bank and financial services company Societe Generale (SocGen), namely Damien de Rosny and Timothy Siow, has left the company on Thursday (21 November), reports Reuters.
SocGen, among other financial institutions, was a credit provider to troubled oil trading and bunkering firms Inter-Pacific Group, and subsidiary Inter-Pacific Petroleum where it issued USD 96. 3 million.
The Singapore branch of SocGen, in relation to an ongoing litigation involving Inter-Pacific Group, in October lost a legal suit at the High Court of the Hong Kong Special Administrative Region against bunkering firm NewOcean Petroleum Company Limited.
SocGen, together with other banks, are currently supporting Peninsula Petroleum’s credit facilities.
Related: Inter-Pacific Group, Inter-Pacific Petroleum to hold creditors’ meet
Related: With nearly $180 million of debt, IPP proposes interim juridical management
Related: Societe Generale lawsuit against NewOcean Petroleum dropped, party to counterclaim
Related: Peninsula Petroleum adds $150 million financing facilities ahead of IMO 2020
Published: 25 November, 2019
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