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Goldsland Holdings moves in to secure US $22 million from Vermont UM Bunkering

16 Jan 2019

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

 

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