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
Additional topics of bunker contamination and OCM services discussed at VPS’ Fuel Management Challenges – The Year of 2021 & Beyond webinar on 23 September; Manifold Times summarises the session.
‘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.
Lead prosecutor Andreas Myllerup Laursen aims for a fine and a prison sentence in the so-called Syria case scheduled to commence in Odense, Denmark on 26 October, writes the Danish publication.
In a modern re-telling of the story of David versus Goliath, local bunker barge owners/charterers successfully resisted claims brought in the Singapore courts by Phillips 66 for misdelivery of bunkers.
Bunker barge owners and operators; traders and suppliers; banks, including players in other countries, will have to re-examine respective operations, advises Helmsman Associate Director Jonathan Tan.
Vopak BL was a non-essential document with no contractual force and had no effect as a contract of carriage or as a document of title, states written Judgement issued by Singapore Court of Appeal.