Following the hearing for Hontop Energy to be placed under judicial management last Monday (7 September), the Singapore High Court on Friday (11 September) published a notice of judicial management.
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 details for the procedure were published in the Government Gazette as follows:
Name and address of Judicial Managers:
LIN YUEH HUNG AND OON SU SUN
c/o RSM Corporate Advisory Pte Ltd
8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
Rajah & Tann Singapore LLP
9 Straits View #06-07 Marina One West Tower, Singapore 018937
Solicitors for the Applicant
Related: Hearing date set for Hontop Energy to be placed under judicial management
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: 14 September, 2020
Indonesian-flagged offshore supply vessel was arrested at Singapore port in May 2019 over an alleged dispute over payment for goods and services.
About 350,000 litres of diesel oil found onboard vessel; authorities said cargo was without legal proof.
Patrol team was out on inspection rounds on 8 April at 10 pm when they discovered the vessel behaving suspiciously 13 nautical miles southwest from Tho Chu Island.
Prosecutor and defendant lawyers sparred over ‘fraud of agent’ charges of ex-CEO Lars Moller.
Lawyers of the ex-Regional Marine Manager of BP Singapore, the Executive Director of Pacific Prime Trading, and Deputy Public Prosecutors were present at the State Courts on Wednesday.
GSM awarded USD 1.85 million as well as SGD 5,800; Judge finds SFM Director ‘ungrateful and dishonest in his dealings with Bernard and the plaintiff,’ according to Court Judgement seen by Manifold Times.
Program introduces periodic assessments, mass flow metering data analysis, and regular training for relevant key personnel to better handle the MFMS to ensure a high level of continuous operational competency.
U.S. Claims Register Summary recorded a total USD 833 million claim from a total 180 creditors against O.W. Bunker USA, according to the creditor list seen by Singapore bunkering publication Manifold Times.
Glencore purchased fuel through Straits Pinnacle which contracted supply from Unicious Energy. Contaminated HSFO was loaded at Khor Fakkan port and shipped to a FSU in Tanjong Pelepas, Malaysia to be further blended.
Individuals were employees of surveying companies engaged by Shell to inspect the volume of oil loaded onto the vessels which Shell supplied oil to; they allegedly accepted bribes totalling at least USD 213,000.
MPA preliminary investigations revealed that the affected marine fuel was supplied by Glencore Singapore Pte Ltd who later sold part of the same cargo to PetroChina International (Singapore) Pte Ltd.
‘MPA had immediately contacted the relevant bunker suppliers to take necessary steps to ensure that the relevant batch of fuel was no longer supplied. Further investigations are currently on-going,’ it informs.
