The Maritime and Port Authority of Singapore (MPA) on Monday (9 December) revoked the bunker supplier licence of Inter-Pacific Petroleum Pte Ltd (Inter-Pacific).
With effect from 9 December 2019, Inter-Pacific will cease to operate as a bunker supplier in the Port of Singapore.
“Inter-Pacific had filed for judicial management at the High Court of the Republic of Singapore and a judicial manager has since been appointed,” it stated.
“With the appointment of the judicial manager, Inter-Pacific has failed to meet the terms and conditions of the bunker supplier licence, leading to the revocation of the licence.”
The development follows MPA’s earlier revocation of Inter-Pacific’s bunker craft operator licence on 15 October 2019 due to bunkering malpractices.
Earlier on Monday, Manifold Times reported the Director of Inter-Pacific Petroleum and its parent company Inter-Pacific Group Pte Ltd (IPG) making ‘clear admission’ to the Singapore branch of Societe Generale that both firms were involved in a fraud.
A timeline organised list of events preceding the current development have been recorded by Manifold Times below:
Related: Director of Inter-Pacific Petroleum ‘has made clear admission’ to fraud, finds court
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 juridical 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: 9 December, 2019
Receives significant interest in the new units and is in advanced conversations with shipowners, operators, OEMs, and shipyards on supply and installation.
Baker Tilly TFW LLP is the appointed Liquidator for the process and creditors are to submit all proofs of debt by 1 August to benefit from any distribution.
3,490 mt of LSFO from Itochu Enex was lifted at Universal Terminal; the same bunker stem was bought by Global Marine Logistics and delivered by bunker tanker Juma to receiving vessel Kirana Nawa.
Batam Port Authority’s patrol team found 20 intermediate bulk containers of hazardous and toxic liquid waste on board, according to the Indonesian government.
IEA forecasts demand from all vessel types will drop by 5% this year, with 6% and 3% year-on-year falls in the third and fourth quarters.
Meeting will be held on Tuesday (14 December) at 11:00 am by way of video conference, according to a Friday (3 December) post on the Government Gazette.
Captain Segar, MPA Assistant Chief Executive, Operations, to be also joining IBIA for the game where proceeds will be channelled into an IBIA Bursary Fund for supporting students to obtain a maritime studies degree.
‘Consort Bunkers will be operating the youngest bunkering fleet in Singapore after complete delivery of the ‘K’ series vessels by late-2023,’ Mr SK Yeo, Founder of Consort Bunkers, tells Manifold Times.
‘Vessel suffered inter alia damage to her engines as well as other losses and expenses, including but not limited to salvage costs, costs of repairs and time lost,’ states legal document obtained by Manifold Times.
‘It is undisputed that Sing Fuels furnished fuel in Port Elizabeth that enabled the M/V Lila Shanghai to continue on its way […] and it is undisputed that Sing Fuels was never paid for this fuel,’ states Judge.
JMs wanted to confirm if both of IPP’s former auditors ‘were reasonably assured that its assessment that the receivables owed by Mercuria Energy were not in any way doubtful’, according to court documents.
A Duraisamy received a SGD 42,870.60 fine and 10-month jail sentence while Lee Been Lian was fined SGD 6,795 and received a two-month jail term due to offences under the Prevention of Corruption Act.
