Connect with us

Legal

Judicial Managers considering to take former Singapore Director of Inter-Pacific Petroleum to court

Deloitte & Touche JMs believe IPP has a viable claim against Dr Goh Jin Hian for breaches of his director’s duties to act with skill, care and diligence which he owned to IPP, states court document.

Admin

Published

on

Inter Pacific by Manifold Times

Judicial Managers (JMs) of former Singapore bunker supplier and bunker craft operator Inter-Pacific Petroleum (IPP, or the Company) on 27 August submitted an application to the High Court of the Republic of Singapore, according to documents obtained by Singapore bunkering publication Manifold Times.

The application was for the extension of the JM Order by a further six months (an earlier order granted the extension of the JM Order for a further 180 days from 3 March 2020) to consider taking Dr Goh Jin Hian, who was a director at IPP from 28 June 2011 to 20 August 2019, to court.

The JMs from Deloitte & Touche LLP are also considering if IPP should be placed in liquidation before any action against Dr Goh, and leave prosecution of Dr Goh to be handled by the prospective liquidators.

An extension of the JM Order by the court will allow the JMs more time to consider the above two options.

The JMs said they had been looking into IPP’s books and records and investigating its affairs since the Company was placed under judicial management.

“It was following such investigations that the JMs, in consultation with their solicitors, verily believe that the Company has a viable claim against one of its former directors (specifically, one Dr Goh Jin Hian (“Dr Goh”)) for breaches of his director’s duties to act with skill, care and diligence which he owned to the Company,” stated the document.

“Two of the Company’s largest creditors, Malayan Banking Berhad (“Maybank”) and Societe Generale, Singapore Branch (“SocGen”) have come forth to the JMs indicating an intention to fund the prospective legal action against Dr Goh in respect of this breaches of duties.”

Maybank is owed an amount of USD 88.3 million while SocGen is owed USD 81.3 million, according to a list shown during a creditor’s meeting on 14 November 2019 seen by Manifold Times.

A ten-day trial at the State Courts of Singapore meanwhile ended on 10 September with the bunker clerk of bunker tanker Fragrance, formerly known as Consort Justice, being sentenced to 10 months’ imprisonment.

The Consort Justice was chartered by former Singapore bunker supplier Inter-Pacific Petroleum at the time of arrest; the vessel has since been renamed as Fragrance.

A timeline organised list of events related to the trial of bunker tanker Fragrance is below:

Related: Magnets on MFMs: Trial ends with ten-month imprisonment term for Bunker Clerk of “Fragrance”
Related: Magnets on MFMs: First suspect charged over MFM tampering in landmark case
RelatedMagnets on MFMs: “Consort Justice” crew pleads ‘not guilty’ to tampering charge
RelatedSingapore: Bunker Cargo officer, crew face charges over alleged MFM tampering

A timeline organised list of events preceding the current development of Inter-Pacific Petroleum have been recorded by Manifold Times below:

Related: Singapore: Inter-Pacific Group receives winding up order from High Court
Related: Singapore: Inter-Pacific Group files for winding up application at High Court
RelatedMPA revokes Inter-Pacific Petroleum Pte Ltd bunker supplier licence
RelatedCo-heads of Trade and Commodities Finance for Asia-Pacific leave SocGen
RelatedInter-Pacific Group, Inter-Pacific Petroleum to hold creditors’ meet
RelatedNewOcean detains Singapore-flagged bunker tanker “Pacific Energy 28”
RelatedSocGen lawsuit against NewOcean Petroleum dropped, party to counterclaim
RelatedMPA revokes Inter-Pacific Petroleum bunker craft operator licence
RelatedMagnets on MFMs: Trial starts for former bunker clerk of “Consort Justice
RelatedFirst suspect charged over MFM tampering in landmark case
RelatedWith nearly $180 million of debt, IPP proposes interim judicial management
RelatedInter-Pacific Group, Inter-Pacific Petroleum under judicial management
RelatedMagnets on MFMs: “Consort Justice” crew pleads ‘not guilty’ to tampering charge
RelatedIPP responds to temporary suspension of bunker craft operator licence
RelatedMPA temporarily suspends IPP bunker craft operator licence
RelatedSingapore: Bunker Cargo officer, crew face charges over alleged MFM tampering

 

Photo credit: Manifold Times
Published: 16 September, 2020

Continue Reading

Legal

Shipowner and captain fined for using heavy fuel oil around Svalbard

Foreign shipping company has been fined NOK 1 million for having sailed one of its cargo ships with heavy fuel oil on board within the territorial waters around Svalbard; captain has been fined NOK 30,000.

Admin

Published

on

By

RESIZED venti views

A foreign shipping company has been fined NOK 1 million (USD 94,632) for having sailed one of its ships with heavy fuel oil on board within the territorial waters around Svalbard, which is a breach of the Svalbard Environment Act, according to the Governor of Svalbard on Thursday (13 June). 

In addition, the captain has been fined NOK 30,000.

On 6 June 2024, the cargo ship passed into Svalbard's territorial waters, despite the vessel having heavy fuel oil on board, which was established by an inspection carried out by inspectors from the Norwegian Maritime Directorate on the same day.

“This is a breach of Section 82a of the Svalbard Environment Act, which stipulates that ships calling at Svalbard cannot use or have heavy fuel oil as a means of transport. The provision applies to the whole of Svalbard and was introduced on 1 January 2022,” Lars Fause said. 

For the violation of Section 82a of the Svalbard Environment Act, the Governor of Svalbard has issued a forfeiture order against the foreign shipping company of NOK 1,000,000. In addition, the captain of the ship has been fined NOK 30,000.

“It is the first time that the Governor has fined a company in connection with a breach of the heavy oil provision on Svalbard,” he added. 

The fines have not been accepted. The shipping company provided a guarantee for the sum of the fine and was thus allowed to sail down from Svalbard on Wednesday evening, 12 June.

The main hearing in the case is scheduled for the Nord-Troms district court in early October.

 

Photo credit: Venti Views on Unsplash
Published: 20 June, 2024

Continue Reading

Business

Singapore: Xihe Capital liquidator issues notice of intended dividend

Xihe Capital Pte Ltd and its subsidiaries are owned by the Lim family, who are also the owners of the embattled Hin Leong Trading.

Admin

Published

on

By

RESIZED Drew Beamer

A notice to declare intended dividend of Nan Shan Maritime Pte Ltd to its creditors has been posted on the Government Gazette on Monday (10 June).

Xihe Capital Pte Ltd and its subsidiaries are owned by the Lim family, who are also the owners of the embattled Hin Leong Trading.

The following are the details of the notice of intended dividend:

Name of Company : XIHE CAPITAL (PTE.) LTD. (IN CREDITORS’ VOLUNTARY LIQUIDATION)
Unique Entity No. / Registration No. : 201727410K
Address of Registered Office : 10 ANSON ROAD, #10-10,INTERNATIONAL PLAZA, SINGAPORE 079903
Last Day for Receiving Proofs : 2 JULY 2024
Name of Liquidator : TAM CHEE CHONG
Address : c/o 10 ANSON ROAD, #10-10, INTERNATIONAL PLAZA, SINGAPORE 079903

Related: Singapore: Liquidator arranges creditors meeting for Xihe Capital
Related: Petition to place Xihe Capital subsidiaries under judicial management approved
Related: Creditors’ meeting for Xihe Capital and related shipping firms to take place in November

 

Photo credit: Drew Beamer
Published: 19 June 2024

Continue Reading

Winding up

Singapore: Final meetings scheduled for An Ping Shipping and related companies

Other companies involved are Da Wei Shipping, Da Kang Shipping, Da Jiang Shipping, Da Hua Shipping, Xin Jiang Shipping and Xin Rong Shipping.

Admin

Published

on

By

RESIZED Jo_Johnston from Pixabay

The final meetings of An Ping Shipping Pte Ltd and related companies have been scheduled to take place on 15 July, according to the company’s liquidator on a notice posted on Friday (14 June) on the Government Gazette.

The meetings will be held at 10 Anson Road, #10-10 International Plaza, Singapore 079903 on 15 July 2024.

The following are the list of the companies involved and timings of the meetings: 

Singapore: Final meetings scheduled for An Ping Shipping and related companies

The meetings are being held for the purpose of having an account laid before the members showing the manner in which the winding up has been conducted and the property of the respective company disposed of and of hearing any explanation that may be given by the Liquidators.

The following are details of the joint liquidators:

Tam Chee Chong
Liquidator
c/o 10 Anson Road
#10-10 International Plaza
Singapore 079903#05-01 Parkview Square
Singapore 188778

Note: A Member or Creditor of the Companies may vote either in person or by proxy. To be valid, proxies to be used at the Final Meeting must be lodged with the Liquidator’s office at least 48 hours before the meeting via email to [email protected].

 

Photo credit: Jo_Johnston from Pixabay
Published: 19 June, 2024

Continue Reading
Advertisement
  • v4Helmsman Gif Banner 01
  • SBF2
  • EMF banner 400x330 slogan
  • Consort advertisement v2
  • RE 05 Lighthouse GIF
  • Aderco advert 400x330 1

OUR INDUSTRY PARTNERS

  • SEAOIL 3+5 GIF
  • HL 2022 adv v1
  • 102Meth Logo GIF copy
  • Triton Bunkering advertisement v2
  • Singfar advertisement final


  • E Marine logo
  • Auramarine 01
  • Synergy Asia Bunkering logo MT
  • CNC Logo Rev Manifold Times
  • Victory Logo
  • Central Star logo
  • 300 300
  • MFA logo v2
  • Cathay Marine Fuel Oil Trading logo
  • pro liquid
  • 400x330 v2 copy
  • Advert Shipping Manifold resized1
  • Headway Manifold
  • VPS 2021 advertisement

Trending