Legal

Dynamic Oil trial: Lars Moller provides testimony

‘I was under pressure from earnings and Jim Pedersen was sitting at the button,’ he told Danish court.

Published

6 years ago

April 6, 2018

Former Dynamic Oil Trading (DOT) CEO Lars Moller has provided his testimony to an Aalborg court, according to a report from Danish paper Nordjyske.

Moller, aided by a legal team, was defending against a charge by Denmark’s general prosecutor in July 2017 over fraud of agent for more than DKK 800 million ($132.52 million).

He told the court that there were many companies in Singapore with low creditworthiness, and Dynamic Oil Trading was prepared to go a little further with its credit lines in order to secure business.

"I was under pressure from earnings and Jim Pedersen was sitting at the button," he explained, as quoted by Nordjyske.

It noted the Public Prosecutor charging Moller with misconduct for allowing a single customer in Singapore, namely Tankoil, to build a debt of over $900 million to DOT even though Tankoil's credit line at DOT was around zero.

"Such was the trade situation in Singapore. I had an understanding with Jim Pedersen, who had agreed to give credit to Tankoil,” said Moller.

He proceeded to further reduced his role in credit management at DOT.

"My mandate was to take care of developing the business and taking care of the staff, but not dealing with oil and taking care of financial management,” he said.

Source: Nordjyske
Published: 6 April, 2018

Business

Liberia-flagged bulker “Eleen Armonia” placed under Sheriff’s arrest

Ship was added to list of vessels under Sheriff’s arrest in Singapore’s court system and it is currently held at Eastern Bunkering Anchorage; arrest was made on behalf of Allen & Gledhill LLP.

Published

3 days ago

December 7, 2023

Admin

Liberia-flagged bulk carrier Eleen Armonia was arrested in Singapore waters on Monday (4 December).

The 55,522 DWT vessel was added to the list of vessels under Sheriff’s arrest in Singapore’s court system.

According to the list, the vessel was arrested at 12.25pm and the arresting solicitor listed was law firm Allen & Gledhill LLP. The ship is currently held at the Eastern Bunkering Anchorage.

No details regarding the reason behind the arrest were provided in the list.

Photo credit: Manifold Times
Published: 7 December, 2023

Crime

Malaysia: MMEA detains three vessels for illegal anchoring in East Johor waters

Vessels, including those registered in Barbados and Copenhagen, were detained on 4 December and captains of ships had failed to present any document of authorisation to anchor in Malaysian waters.

Published

4 days ago

December 6, 2023

Admin

Malaysia: MMEA detains three vessels for illegal anchoring in East Johor waters

The Malaysian Maritime Enforcement Agency (MMEA) on Tuesday (5 December) said three vessels have been detained for illegally anchoring in East Johor waters on 4 December.

MMEA Tanjung Sedili Zone acting director Maritime Cmdr Mohd Najib Sam said the first ship, registered in Port Klang, was detained by a patrol boat at 11.30 am at 19.8 nautical miles east of Tanjung Sedili Kechil.

The second ship, registered at Bridgetown in Barbados, anchored at 11.30am at 18.1 nautical miles northeast of Tanjung Penawar.

And the third ship, registered at Copenhagen, was detained by a MMEA patrol vessel at 5.30pm at 21.5 nautical miles east of Tanjung Balau.

Najib said all captains of the ships had failed to present any document of authorisation to anchor in Malaysian waters and the case will be investigated under Section 491B(1)(L) Merchant Shipping Ordinance 1952.

He added that the detention of all three ships has brought the total number of ships detained for the same offence so far this year to 86.

Photo credit: Malaysian Maritime Enforcement Agency
Published: 6 December, 2023

Winding up

Singapore: Annual general meetings set for Hua Sheng Shipping Pte Ltd

Creditors to receive an update on the liquidation of the firms, and to receive an account of the liquidators’ acts and dealings, and of the conduct of winding up.

Published

6 days ago

December 4, 2023

Admin

An annual general meeting for Hua Sheng Shipping Pte Ltd will be held via electronic means on 14 December 2023, according to a notice on the Government Gazette on Thursday (30 November).

The agenda of the meetings for the creditors (2pm) and contributories (11am) for the following purposes:

To receive an update on the liquidation.
To receive an account of the Liquidators’ acts and dealings, and of the conduct of the winding up

The following are the details of the liquidator of the company:

Ho May Kee
Liquidator
c/o 8 Marina View
#40-04/05 Asia Square Tower 1
Singapore 018960

Manifold Times previously reported several notices were published on the Goverment Gazette regarding the annual general meetings held electronically for Hua Sheng Shipping Pte Ltd, Nan Zhou Maritime (Pte) Ltd and Xin Sheng Shipping (Pte) Ltd.

Photo credit: Benjamin child
Published: 4 December, 2023