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
Related: Magnets on MFMs: “Consort Justice” crew pleads ‘not guilty’ to tampering charge
Related: Singapore: 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
Related: MPA revokes Inter-Pacific Petroleum Pte Ltd bunker supplier licence
Related: Co-heads of Trade and Commodities Finance for Asia-Pacific leave SocGen
Related: Inter-Pacific Group, Inter-Pacific Petroleum to hold creditors’ meet
Related: NewOcean detains Singapore-flagged bunker tanker “Pacific Energy 28”
Related: SocGen lawsuit against NewOcean Petroleum dropped, party to counterclaim
Related: MPA revokes Inter-Pacific Petroleum bunker craft operator licence
Related: Magnets on MFMs: Trial starts for former bunker clerk of “Consort Justice
Related: First suspect charged over MFM tampering in landmark case
Related: With nearly $180 million of debt, IPP proposes interim judicial management
Related: Inter-Pacific Group, Inter-Pacific Petroleum under judicial management
Related: Magnets on MFMs: “Consort Justice” crew pleads ‘not guilty’ to tampering charge
Related: IPP responds to temporary suspension of bunker craft operator licence
Related: MPA temporarily suspends IPP bunker craft operator licence
Related: Singapore: Bunker Cargo officer, crew face charges over alleged MFM tampering
Photo credit: Manifold Times
Published: 16 September, 2020
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