Legal

Court of Appeal: Hin Leong, Lim family claim ‘without any factual or legal basis’

The Lims were appealing against an earlier order to return USD 19.02 million they had transferred from Ocean Tankers, a sister company of Hin Leong.

Published

4 years ago

October 29, 2021

Admin

The Court of Appeal of the Republic of Singapore on Thursday (28 October) dismissed the case of the founder of Hin Leong Trading, Lim Oon Kuin, and his two children, according to The StraitsTimes.

The Lims were further ordered by the two-judge Court of Appeal to pay legal cost amounting USD 42,000 to the judicial managers on indemnity basis due to unreasonable conduct, amongst others.

The Lims were appealing against an order to return USD 19.02 million (SGD 25.6 million) they had transferred from Ocean Tankers, a sister company of collapsed oil trading giant Hin Leong.

The justices on Thursday described the Lim family’s attempt as an ill-advised attempt to seek a different outcome.

“The Lims' arguments, with respect, were simply without any factual or legal basis, given the fact that they were simply irreconcilable with the contemporaneous documents placed before the court,”according to the court.

The court said Lims’ hired expert witnesses providing reasons regarding Ocean Tankers need to be considered solvent at a specific time.

“Apart from disregarding the admissions made in affidavits by the Lims, it can hardly be doubted that this has resulted in further unnecessary litigation that has tended to obfuscate rather than to illuminate,”it states.

The lawsuit was centred on two payments from Ocean Tankers to bank transactions relating to the Lims’ before the company filed for judicial management last year.

On 3 April last year, payment transaction was made through a joint account by Lim and his daughter while a 13 April transaction was paid to his personal account. These two payments made last year from Ocean Tankers approved by the two siblings were uncovered by the judicial managers.

A summary judgement was applied by the judicial managers asking the high court to rule in their favor without a full trial.

The Lim family explained that Ocean Tankers was either insolvent or close to insolvency at the time the payments were made.

The high court stated the Lims, as directors of Ocean Tankers, owed fiduciary duties to take into account the interests of its creditors to ensure that its assets were not dissipated or exploited for their own benefit.

Earlier developments regarding Ocean Tankers can be found below:

Photo credit: Manifold Times
Published: 29 October, 2021

Winding up

Singapore: Notice of first and final dividend issued for East Marine Pte Ltd

First and final dividend to preferential creditors of East Marine is payable from 25 April through interbank transfer, reads notice in the Government Gazette.

Published

1 day ago

April 29, 2025

Admin

A notice was published in the Government Gazette on Friday (25 April), regarding the first and final dividend to preferential creditors of East Marine Pte Ltd.

The following are details of the notice of dividend of the company:

Name of Company : East Marine Pte Ltd (In Creditors’ Voluntary Liquidation)
Singapore UEN : 198601345E
Address of Registered Office : 8 Wilkie Road #03-08 Wilkie Edge, Singapore 228095
Amount per centum : 100.00 per centum of all admitted preferential claims pursuant to Section 203(1)(d), (e), (g) and (h) of the Insolvency, Restructuring and Dissolution Act 2018
First and final or otherwise : First and final
When payable : 25 April 2025 onwards
Where payable : Interbank transfer (all bank charges shall be borne by the recipient of the preferential dividend payment)

Photo credit: steve pb from Pixabay
Published: 29 April, 2025

Winding up

Singapore: Liquidator schedules final meeting for Kukuh Shipping Pte Ltd

Final meeting of members of the company will be held at 9 Raffles Place, #19-20 Republic Plaza Tower 2, Singapore 048619 on 26 May at 10 am, according to Government Gazette notice.

Published

2 days ago

April 28, 2025

Admin

The final meeting of members for Kukuh Shipping Pte Ltd, has been scheduled to take place on 26 May, according to the company’s liquidator on a notice posted on Friday (25 April) on the Government Gazette.

The meeting will be held at 9 Raffles Place, #19-20 Republic Plaza Tower 2, Singapore 048619 at 10 am.

It is being held for the purpose of receiving an account from the liquidator showing the manner in which the winding-up has been conducted and of hearing any explanation that may be given by the liquidator.

According to SGPBusiness, a business directory for companies registered in Singapore, the company's principal activity is in shipping, including chartering of ships and boats with crews.

The details of the liquidator are as follows:

Cheng Sam Tai Catherine
Liquidator
c/o Crowe Horwath First Trust Corporate Advisory Pte. Ltd.
9 Raffles Place, #19-20 Republic Plaza Tower 2, Singapore 048619

Photo credit: Jo_Johnston from Pixabay
Published: 28 April, 2025

Winding up

Final meeting scheduled for Diamond S Management (Singapore) Pte Ltd

Meeting will be held at 9.30am on 29 May by electronic means via a Zoom meeting to hear any explanation that may be given by the liquidator, according to Government Gazette notice.

Published

2 days ago

April 28, 2025

Admin

The final meeting of Diamond S Management (Singapore) Pte Ltd, has been scheduled to take place on 29 May, according to the company’s liquidators on a notice posted on Wednesday (16 October) on the Government Gazette.

The meeting will be held at 9.30am by way of electronic means via a Zoom meeting. It is being held for the purpose of the members to receive and consider the Liquidators’ Statement of Accounts, showing how the winding-up has been conducted and the property of the company has been disposed of and to receive an explanation thereof.

The liquidators of the company are Mona Low Sok Lee and Teo Chai Choo.

According to SGPBusiness, a business directory for companies registered in Singapore, and The Grid, B2B Sales Intelligence platform, the company’s principal activity is ship management services.

Note: Any member entitled to attend and vote at the meeting is entitled to appoint a proxy or corporate representative to attend and vote on his behalf. A proxy or corporate representative need not be a member. The instrument appointing a proxy or corporate representative must be deposited at the Registered Office of the Company at 4 Shenton Way, #04-01 SGX Centre 2, Singapore 068807 not less than seventy-two hours before the time set for holding of the Meeting.

Photo credit: Drew Beamer
Published: 28 April, 2025