The High Court of Singapore has on Monday (21 September) published a public notice that Oversea-Chinese Banking Corporation Limited (OCBC) has on 24 August, applied for KS Energy Limited and sister company KS Drilling Pte Ltd to be placed under judicial management in the Government Gazette.
According to the notice, the hearing for the application has been scheduled for Tuesday (13 October), 2.30 pm at the Singapore High Court. It is as follows:
Messrs Andrew Grimmett and Lim Loo Khoon of Deloitte & Touche LLP have been nominated as the judicial managers; and any person who intends to oppose the making of an order under section 91(6)(b) or the nomination of a judicial manager under section 91(3)(d) may appear at the hearing or by his solicitor 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 upon request and on payment of the reasonable charge..
Any parties who intend to appear at the hearing of the application must serve on, or send by post to Hin OCBC’s solicitors, Shook Lin & Bok LLP of 1 Robinson Road #18-00, AIA Tower, Singapore 048542, notice in writing of his intention to do so.
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 or firm, or his or their solicitor. It must be sent in sufficient time to reach Shook Lin & Bok LLP not later than 3 working days before 12 o’clock noon of Thursday (12 October).
Kris Taenar Wiluan, CEO of Singapore-listed KS Energy, an energy services provider to the marine and petrochemical industries, in early August faced 112 charges in relation to false trading and market-rigging transactions to artificially drive up the share price of KS Energy.
Photo credit: Manifold Times
Published: 20 September, 2020
Universal Alliance, BMS United, Digiland International, Goodwood Associates, Southernpec (Singapore), and Taigu Energy were involved in alleged circular fictitious trades of fuel oil during July 2015.
Bunker orders of ISO 8217:2010 spec LS 380 cSt 0.5% for Nord Gemini, Nord Titan, Ocean Rosemary, and Luzern were placed through global commodities trading and logistics house Trafigura Pte Ltd.
While Covid-19 concerns are important, Captain Rahul Choudhuri was quick to note this does not mean bunker fuel related issues have indeed disappeared from the shipping sector.
‘Therefore, representing the players of the Malaysian bunker industry, we sincerely hope that this matter can be refined and reconsidered immediately so that all parties benefit together,’ says communication.
Maureen Poh, a Director of Helmsman LLC, offers plain practical tips on the differences between US and EU Sanctions and shares some thoughts on what companies could do if they are potentially exposed to sanctioned entities.
‘We [Consort Bunkers] have the opinion that the bunker business in Singapore is not related to the widely reported earlier cargo commodity trading mishaps,’ company source tells Manifold Times.