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Hearing date set for Hontop Energy to be placed under judicial management

17 Aug 2020

An application for placing Singapore-based Hontop Energy, the trading arm of Chinese independent refiner China Wanda Holding Group Co Ltd and Sugih Energy International Pte Ltd, to be placed under judicial management has been set to be heard before the Court at 10 am on Monday, 7 September, 2020.

The application was filed by CIMB Bank Singapore on 15 June, 2020, as the bank looked to recover USD 105 million from Hontop and accused the company of fraudulent conduct.

The notice published in the Government Gazette is as follows:

Lin Yueh Hung and Oon Su Sun of RSM Corporate Advisory Pte Ltd have been nominated to act as the judicial managers.

Any person who intends to oppose the making of an order under section 227B(5)(b) or the nomination of a judicial manager under section 227B(3)(c) of the Companies Act (Cap. 50) may appear at the time of hearing by himself or his counsel for that purpose; and a copy of the application and its supporting affidavit will be furnished to any creditor or member of the company requiring them by the undersigned on payment of the regulated charge.

Any person who intends to appear on the hearing of the application must serve on or send by post to the abovenamed RAJAH & TANN SINGAPORE LLP, 9 Straits View #06-07, Marina One West Tower, Singapore 018937 notice in writing of his intention to do so, explained the notice. 

The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person, firm, or his or their solicitor (if any) and must be served, or, if posted, must be sent by post not later than 12 o’clock noon of Sunday, 6 September.

Related: CIMB requests for Hontop Energy restructuring amid suspicious transactions with BP
Related: Argus Media: Hontop Energy fraud allegations add to Singapore trading woes
Related: BP Singapore oil traders on leave over being named in Hontop Energy fraud allegations


Photo credit: Manifold Times

Published: 17 August, 2020

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