The interim judicial managers of Hin Leong Trading, PricewaterhouseCoopers (PwC), along with legal firms Rajah & Tann, and Drew & Napier could potentially rack up a total of SGD 17.3 million in fees in the course of restructuring the financially troubled company, reports The Business Times.
According to court documents presented by PwC, its advisory fees alone would be upwards of SGD 10 million, with Rajah & Tann earning about SGD 3.8 million and Drew & Napier charging SGD 3.1 million.
This is an estimate provided by the firms for the course of the judicial management period.
PwC attributes the costs to the complexity in the nature of the HLT case which includes allegations of fraud, misconduct and a myriad of other legal claims.
In the court document, Goh Thien Phong, an executive at PwC noted the costs may increase should the case be discovered to be more convoluted to what is currently perceived.
As of June 2020, HLT reportedly had a cash balance of USD 38 million set against its crushing debt of USD 3.5 billion.
The judicial managers are looking to recover USD 3.5 billion (SGD 4.75 billion) on top of another USD 90 million in dividends which the trio had allegedly paid themselves despite the company being insolvent.
Related: O.K. Lim and two children sued for USD 3.5billion; receiver appointed for 3 Xihe ships
Related: Argus Media: Trafigura, Gunvor take over Hin Leong fuel oil storage
Related: Managers of Ocean Tankers looking to recover USD 19 million from Lim family
Related: Argus Media: Singapore’s Hin Leong founder charged with forgery
Related: Xihe Holdings placed under IJM as OCBC reverses decision for ‘consensual restructuring’
Photo credit: Manifold Times
Published: 24 September, 2020
Plans to increase fuel’s flash point in July by ‘shutting in the Cimatti field off Western Australia’; its target is to export two Vincent crude cargoes per month.
Bunkering, inward/outward clearance of vessels, crew handling and more part of contract renewal.
The meeting for Hontop’s creditors is to be held electronically on Thursday (5 November) at 3.00 pm to update on the status of Judicial Management.
Premiums for delivered VLSFO were at around $12-15/t to 0.5pc sulphur marine fuel cargo prices in November, before declining to $8-9/t in December, it said.
Zhoushan is becoming the key port for bunker-only calls in China, where they plan to sell 7 million tons of bonded fuel via 11 suppliers in 2020, reads report.
OPEC+ adherence implies stronger prices and would signal Singapore VLSFO nearing the $400 range by late 2020 and moving towards $500 in late 2021, it said.
Legal representatives met at the High Court on Tuesday to discuss the discharge of KPMG liquidators from all liability in respect of conduct in the course of winding up, show court documents.
Global sentence adjusts to 80 month’s imprisonment term for both Chang and Koh under application of the Masui sentencing framework; fine of SGD 6.2 million against Chang remains unchanged.
Company has been ranked EIGHTH for 2020; ‘we are humbled and proud to be placed amongst the top ten winners of the Enterprise 50 Awards,’ says Satnam Singh, COO, Sing Fuels.
Mads Bjornebye, Manager of Bunker Services at Teekay Tankers Ltd, shares about the company’s perspective of e-BDNs, bunker purchasing & planning tools, while offering his thoughts on future marine fuels.
Maritime sector may find it increasingly challenging to manage bunker prices, Dennis Ho, Managing Director at ElbOil Singapore tells Singapore bunkering publication Manifold Times.
NBF mulls use of blockchain-based registry of trade finance transactions as secure central database for the banking industry to streamline documentation processes and resolve transparency issues.
