Judicial Managers (JMs) of former Singapore bunker supplier and bunker craft operator Inter-Pacific Petroleum (IPP) on Friday (2 October) filed a suit against its former Singapore Director, namely Dr Goh Jin Hian, reported The Business Times.
It noted the Deloitte & Touche JMs suing Dr Goh for over USD 156 million over losses of IPP, due to alleged breach of his director’s duties.
The development took place after a recent approval from the Singapore High Court for an application by major creditors of IPP to fund the company’s legal suit against Dr Goh.
The Singapore branch of Maybank is looking to recover an amount of USD 88.3 million while Societe Generale (SocGen) is owed USD 81.3 million that they allege to be due to Dr. Goh’s negligence as director.
Reportedly, Dr. Goh has said that it is not the responsibility of the director to authenticate documents from management and he disputes against the banks’ own due diligence and credit risk assessment.
According to earlier court documents, the JMs said they had been looking into IPP’s books and records and investigating its affairs since the Company was placed under judicial management.
“It was following such investigations that the JMs, in consultation with their solicitors, verily believe that the Company has a viable claim against one of its former directors (specifically, one Dr. Goh Jin Hian (“Dr Goh”)) for breaches of his director’s duties to act with skill, care and diligence which he owned to the Company,” stated the document.
A timeline organised list of events preceding the current development of Inter-Pacific Petroleum have been recorded by Manifold Times below:
Related: Inter-Pacific Petroleum creditors authorised to fund lawsuit against former Director
Related: New Silkroutes under investigation over possible breach of Securities and Futures Act
Related: Judicial Managers considering to take former Singapore Director of Inter-Pacific Petroleum to court
Related: Singapore: Inter-Pacific Group receives winding up order from High Court
Related: Singapore: Inter-Pacific Group files for winding up application at High Court
Related: MPA revokes Inter-Pacific Petroleum Pte Ltd bunker supplier licence
Related: Co-heads of Trade and Commodities Finance for Asia-Pacific leave SocGen
Related: Inter-Pacific Group, Inter-Pacific Petroleum to hold creditors’ meet
Related: NewOcean detains Singapore-flagged bunker tanker “Pacific Energy 28”
Related: SocGen lawsuit against NewOcean Petroleum dropped, party to counterclaim
Related: MPA revokes Inter-Pacific Petroleum bunker craft operator licence
Related: Magnets on MFMs: Trial starts for former bunker clerk of “Consort Justice
Related: First suspect charged over MFM tampering in landmark case
Related: With nearly $180 million of debt, IPP proposes interim judicial management
Related: Inter-Pacific Group, Inter-Pacific Petroleum under judicial management
Related: Magnets on MFMs: “Consort Justice” crew pleads ‘not guilty’ to tampering charge
Related: IPP responds to temporary suspension of bunker craft operator licence
Related: MPA temporarily suspends IPP bunker craft operator licence
Related: Singapore: Bunker Cargo officer, crew face charges over alleged MFM tampering
Photo Credit: Manifold Times
Published: 6 October, 2020
Senior Cargo Officer gained SGD 48,800 worth of commission from “buyback” bunker transactions and illegally obtained SGD 410,712.257 by cheating Vermont, a Singapore court heard on Thursday (21 July).
Vessel was discovered 1.2 nautical miles northeast of Carey Island on its journey from Tanjung Pelepas, Johor to Port Klang on Friday, 29 January, said MMEA.
Cruise ships “Crystal Serenity” and “Superstar Libra” also involved in the Singapore-based bunkering firm’s suit where a maritime lien has also been requested against “M/V Crystal Symphony”, show court documents.
Hong Kong court orders Arkstar Ship Management to pay US $335,858 (without interest) to plaintiff.
Lim Oon Kuin now faces a total of 130 charges; bail amount has been increased to S$4 million due to increased amount of players and outstanding sums.
Pelabuhan Tanjung Pelepas was seeking RM 31.9 million from ship owner and P&I club over losses in earlier incident.
‘Economics of the shipping market will be the key driver enabling methanol to be adopted at a higher pace going forth over next couple years as market begins to return to more normal rates,’ states COO.
Integr8 Fuel injunction varied by Singapore Court to allow former employees to start work at Hartree Group in December 2022 following failure to produce evidence on biofuels development plans.
Variability of sources can affect the stability and performance of biofuel bunkers produced from these feedstocks, in turn leading to difficulties in meeting regulations and industry standards, shares Bryan Quek.
Top three positive movers in 2022 were Bunker House Petroleum Pte Ltd (+7), Eastpoint International Marketing Pte Ltd (+5), and Eng Hua Company (Pte) Ltd (+6); newcomer Sinopec Fuel Oil (Singapore) gets 19th spot.
Livestock carrier also involved in earlier bunker claim with Glander International Bunkering due to remaining unpaid fuel bill of approximately USD 116,000, according to court documents obtained by Manifold Times.
A blend of standard MGO and biodiesel, MGO B20 is distributed at the company’s floating kiosk CNC 5 which is located off the buoy of West Coast Pier; PS Energy has been stamped with globally recognised ISCC.
