Court-appointed managers of Singapore’s Ocean Tankers Pte Ltd (OTPL) are in pursuit to recover USD 19 million from the directors of the company, the Lim family, who transferred the amount from OTPL to their accounts in April, reports Reuters.
In a statement of claim filed in the Singapore High Court, the managers from Ernst & Young LLP (EY) said the directors “breached their fiduciary duties” by transferring the funds when OTPL was financially troubled.
The EY managers added the Lim family failed to safeguard the firm’s assets from exploitation in the interest of OTPL’s creditors.
Purportedly, O.K. Lim had requested for OTPL to make the transaction in two orders to himself and to his son and daughter, as payment installations of a shareholder’s loan.
These transactions had been uncovered by EY in July along with other discrepancies and fraud in OTPL’s exposure claims as part of its investigations.
Related: Ocean Tankers legal team publishes application to be placed under judicial management
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Related: Judicial managers of Ocean Tankers discover discrepancies and fraud in exposure claims
Related: Judicial managers of Ocean Tankers to present restructuring proposals to owners
Photo credit: Manifold Times
Published: 18 August, 2020
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Representatives of Veritas Petroleum Services, Maersk, INTERTANKO, ElbOil Singapore, and SDE International provide insight from their respective fields of expertise on what lies ahead.