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Dynamic Oil criminal trial set to begin in April

Lars Moller will be on trial to defend against claims of alleged fraud worth over $132.5 million at a Danish court.

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The former CEO of Dynamic Oil Trading, the Singapore-based subsidiary of O.W. Bunker, will be put on trial against alleged fraud at the Danish court on April 4.

Denmark’s general prosecutor in July 2017 charged Lars Moller over fraud of agent for more than DKK 800 million ($132.52 million).

He offered credit far beyond the capacity of O.W. Bunker’s financial system to Tankoil and Petrotec, both firms managed by Dennis Tan, partly resulting in the parent company’s fall in 7 November, 2014.

Arvid Andersen, the lawyer representing Moller, said O.W. Bunker management’s knowledge of credit being offered to Dynamic Oil will be a key factor in proving Moller’s innocence.

"Obviously, the more management knew, the less obvious it will be that my client has committed a misconduct," he told Danish paper Nordjyske.

It noted former top executives of O.W. Bunker, including ex finance directors Morten Skou and Kent Larsen, former chairman Niels Henrik Jensen, as well as former deputy chairman and partner of the Altor capital fund Soren Johansen, to be involved in the upcoming trial.

Photo credit: Dynamic Oil Trading
Published: 29 March, 2018

 

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Winding up

Singapore: Liquidators arrange creditors meeting for Otto Marine Limited

Meeting will be held from 3pm on 24 July at 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095, according to Government Gazette notice.

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A meeting for creditors of Otto Marine Limited, which is in liquidation, has been scheduled to take place on 24 July, according to a Government Gazette notice on Thursday (11 July). 

The meeting will be held from 3pm at 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095

The agenda of the meeting will be as follows:

  • To update on the liquidation administration;
  • To approve the Liquidators’ fees and disbursements;
  • To approve the declaration of preferential dividend(s) pursuant to Section
  • 328(1)(b) to 328(1)(f) of the Companies Act, Cap. 50;
  • To consider and if thought fit, to appoint a committee of inspection; and
  • Any other business.

The details of the liquidators are as follows: 

Chee Yoh Chuang
Lin Yueh Hung
Liquidators
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095

 

Photo credit: steve pb from Pixabay
Published: 12 July, 2024

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Winding up

Singapore: Notices of dividend issued for Nan Yi Maritime and An Hui Shipping

Liquidator of Nan Yi Maritime and An Hui Shipping, which are undergoing voluntary liquidation, issued notices on first interim dividend on the Government Gazette.

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RESIZED Drew Beamer

Notices of dividend for Nan Yi Maritime (Pte) Ltd and An Hui Shipping Pte Ltd, which are undergoing voluntary liquidation, was published on the Government Gazette on Tuesday (10 July).

The following are the details of the notice for Nan Yi Maritime :

Name of Company : Nan Yi Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)

Unique Entity No. / Registration No.: 200814293G

Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960

Amount per centum (in USD) : 100 cents to a dollar of admitted preferential claims , 24.50 cents to a dollar of admitted unsecured claims

First and Final or otherwise : First Interim Dividend

When payable : 10 July 2024

Where payable : Entitlements will be made either by way of telegraphic transfer or by cheque, to be collected from the company’s registered address as above.

The following are the details of the notice for An Hui Shipping:

Name of Company : An Hui Shipping Pte. Ltd. (In Creditors’ Voluntary Liquidation)

Unique Entity No. / Registration No. : 201207031N

Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View

#40-04/05 Asia Square Tower 1, Singapore 018960

Amount per centum (in USD) : 100 cents to a dollar of admitted preferential claims, 16.00 cents to a dollar of admitted unsecured claims

First and Final or otherwise : First Interim Dividend

When payable : 10 July 2024

Where payable : Entitlements will be made either by way of telegraphic transfer or by cheque, to be collected from the company’s registered address as above.

 

Photo credit: Drew Beamer
Published: 11 July, 2024

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Winding up

Singapore: Liquidator of Xihe Capital issues notice of dividend

Liquidator of Xihe Capital, which is undergoing voluntary liquidation, issued a notice on second interim of dividend on the Government Gazette.

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A notice of dividend for Xihe Capital (Pte) Ltd, which is undergoing voluntary liquidation, was published on the Government Gazette on Tuesday (9 July).

The following are the details of the notice:

Name of Company : Xihe Capital (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)

Unique Entity No. / Registration No. : 201727410K

Address of Registered Office : 10 Anson Road, #10-10, International Plaza Singapore 079903

Amount per centum : 100.00 Per Centum of all admitted preferential claims, 7.5420 Per Centum of all admitted unsecured claims

First and Final or Otherwise : Second Interim

When Payable : 9 July 2024

Where Payable : 10 Anson Road, #10-10, International Plaza, Singapore 079903

 

Photo credit: Jo_Johnston from Pixabay
Published: 10 July, 2024

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