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Mitsubishi Corporation initiates plan to liquidate Petro-Diamond Singapore

07 Dec 2020

Japan’s largest trading company Mitsubishi Corporation (MC) has started operations to close down Petro-Diamond Singapore (Pte) Ltd. (PDS), learns Singapore bunkering publication Manifold Times.

An Extraordinary General Meeting of PDS was held on 26 November where it was decided the company will be wound up voluntarily, according to a Friday (4 December) notice published on the Singapore Gazette.

Deloitte Singapore has been appointed as the liquidator of PDS; the notice reads:

Notice is hereby given that the creditors of the above-named company, which is being wound up voluntarily, are required, on or before the 5th day of January 2021 to send in their names and addresses, with particulars of their debts and claims, and the names and addresses of their solicitors (if any) to the undersigned, the liquidator of the said company, and if so required by notice in writing by the said liquidator, are, personally or by their solicitors, to come in, and prove their said debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved.

Dated this 4th day of December, 2020

Lau Chin Huat
Liquidator
c/o 6 Shenton Way, OUE Downtown 2, #33-00
Singapore 068809

Background:

During September 2019, MC confirmed a loss of approximately USD 320 million from PDS’ trade of crude oil derivatives. It later terminated the employment of an employee and lodged a police complaint against the employee on 19 September. 

An announcement was later made by MC in early November 2019 that it will be liquidating PDS.

Related: Petro-Diamond Singapore to be liquidated, says Mitsubishi Corporation
Related: Petro-Diamond Singapore books USD 320 million loss, investigations start


Photo credit:
Benjamin Child on Unsplash
Published: 7 December, 2020

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