The High Court of the Republic of Singapore has held an ‘Examination of Judgement’ session between creditor Goldsland Holdings Company Limited [Plaintiff] and Vermont UM Bunkering Pte Ltd [Defendant] over a US $22.44 million claim, learns Manifold Times.
The recent ‘Examination of Judgement’ session in the week ended 13 January, held to determine what assets are available to satisfy to pay off a debt, is a follow up from an earlier judgement by the court on 23 March, 2018.
“No appearance having been entered by the Defendant herein, it is this day adjudged that the Defendants do pay the Plaintiff: USD22,443,995.61 and costs fixed at the sum of S$2,300,” said the earlier judgement.
Goldsland Holdings, the Hong Kong based creditor, is engaged in the businesses of bunker supply, biodiesel, overseas mining, bulk trade and property leasing, according to the legal documents.
“From time to time between the periods from 2010 to 2016, the Defendant would request the Plaintiff to provide financial assistance in respect of the Defendant’s bunkering transactions with its suppliers,” it stated.
“The Defendant would request the Plaintiff to make payment directly to the Defendant’s bunkering suppliers, for bunkers which were supplied to the Defendant.
“Pursuant to the Defendant’s requests, the Plaintiff would transfer the monies directly to the Defendant’s suppliers and make payment for and on behalf of the Defendant.
“As at 17 July 2017, the total loan amounts that were owed by the Defendant to the Plaintiff was in the sum of USD 22,443,995.61.”
Vermont UM Bunkering had its bunker supplier and bunker craft operator licence revoked by the Maritime and Port Authority of Singapore (MPA) on 28 April, 2016.
On 16 November 2017, Vermont UM Bunkering’s two directors and one former bunker manager were charged in court with 150 counts of engaging in a conspiracy to cheat customers.
The group dishonestly induced clients to make excess payments totalling over $8 million.
Vermont UM Bunkering (UEN: 200920025G) is still registered as a ‘live company’ according to the Accounting and Corporate Regulatory Authority (ACRA) during a Wednesday (16 January) check by Manifold Times.
In April 2018, Malayan Banking Berhad was seeking to liquidate a total US $38.3 million under Mortgagee’s Claim from Vermont UM Bunkering affiliated firm Vermont UM Shipping.
Related: Singapore: Four bunker tankers arrested
Related: Bank seeks $38 million from arrested Singapore bunker tankers
Photo credit: Manifold Times
Published: 16 January, 2019
Arrest made on Tuesday night at Eastern Anchorage G5817A in Singapore port through Asialegal LLP.
Hearing of the development was conducted at the High Court of the Republic of Singapore on Friday.
Winding up application is scheduled to be heard before the Court sitting at the High Court of Singapore at 10.00 a.m. on 20 March 2020.
‘We have already settled [the issue] with Global Energy Trading and the suit has been withdrawn/discontinued,’ a source at Bunker House Petroleum told Manifold Times.
A patrol vessel found the tanker anchored at about 4.6 nautical miles southeast of Tanjung Piai, Johor.
Two schemes not being merged, but certain key international concepts and definitions are being aligned.
IBIA Asia, ABIS, sources from Singapore’s bunkering and surveying companies, and an industry veteran share with Manifold Times the issues expected from MPA’s latest Covid-19 measures.
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.
3,490 mt of LSFO from Itochu Enex was lifted at Universal Terminal; the same bunker stem was bought by Global Marine Logistics and delivered by bunker tanker Juma to receiving vessel Kirana Nawa.
