Legal

NewOcean Petroleum to ‘vigorously contest’ against Societe Generale lawsuit

Societe Generale seeks to claim USD 20.5 million from NewOcean Petroleum due to ‘constructive trustee’ relationship with Pacific Dragon (Hong Kong) Energy Limited.

Published

7 years ago

October 14, 2019

Admin

The following article was first published by Manifold Times on Monday (14 October) morning:

Hong Kong-listed NewOcean Energy Holdings Limited (NewOcean Energy) on Friday (11 October) said its bunkering subsidiary NewOcean Petroleum Company Limited (NewOcean Petroleum) will be defending itself against a legal suit from the Singapore branch of Societe Generale at the High Court of the Hong Kong Special Administrative Region.

Societe Generale on 17 September 2019 added Pacific Dragon (Hong Kong) Energy Limited (Pacific Dragon), a company identified as Daisho Microline Holdings Limited (DMHL) and its Chairman Madam Cheung Lai Na, to a list of defendants for different combinations of claims in different amounts.

The claims included allegations of conspiracy to defraud, breach of deed of assignment, breach of trade finance facility, breach of corporate guarantee and breach of personal guarantee, according to NewOcean Energy.

Pacific Dragon is a trade debtor of NewOcean Petroleum who still had outstanding debt from various purchases of marine fuel made under a Master Sales and Purchase Contract (Contract) executed in December 2018.

Additionally, DMHL also provided ship mortgages of two Singapore-flagged bunker barges (either owned directly or indirectly by DMHL) to NewOcean Petroleum as part of the Contract.

On 8 October 2019, Societe Generale included NewOcean Petroleum as a defendant to the lawsuit at Hong Kong and sought, among other things, a declaration that NewOcean Petroleum is liable to Societe Generale, “as a constructive trustee with regard to a sum of USD 20,498,997.81 received and/or dealt with wrongfully.”

“The Company and NewOcean Petroleum strongly deny such allegation,” stated NewOcean Energy.

“The Directors of NewOcean Petroleum have reviewed all trading documents and records relating to transactions between Pacific Dragon and NewOcean Petroleum under the Contract, and are fully satisfied that all transactions between them are bona fide commercial sale and purchase transactions that all monies received by NewOcean Petroleum in these transactions are, or in connect with goods sold and delivered, and in no way connected with any of the matters as alleged in the Writ.

“The legal team of NewOcean Petroleum has taken external legal advice and are convinced that the Plaintiff’s claim against NewOcean Petroleum in the re-amended Writ will fail, NewOcean Petroleum will in any event vigorously contest all the Plaintiff’s claims and seek costs.”

Moving forward, NewOcean Petroleum said it will be starting legal proceedings against DMHL to enforce its guarantee under the Contract due to unpaid outstanding trade debt, overdue interest charges owed by Pacific Dragon, and ship mortgages of two Singapore-flagged bunker barges owned directly or indirectly by DMHL.

“NewOcean Petroleum has instructed its external legal adviser to immediately commence legal proceedings for recovery of the outstanding amount together with all costs.”

DMHL Chairman is a Director of Inter-Pacific Petroleum Pte Ltd and Inter-Pacific Group Pte Ltd

DMHL Chairman Madam Cheung Lai Na, also known as Zoe Cheung, is also a director of Inter-Pacific Petroleum Pte Ltd (IPP) and its parent company Inter-Pacific Group Pte Ltd (IPG) – firms which have filed for interim judicial management on 16 August at the High Court of the Republic of Singapore – according to court documents seen by Manifold Times.

Significant and verifiable liabilities of IPP totalled USD 181.63 million consisted of trade financing from SocGen with an outstanding amount of USD 96.3 million, MayBank banking facilities of USD 69.8 million, account payables of USD 2.43 million to 10 players, and others.

The bunker craft operator licence of IPP was temporarily suspended by the Maritime and Port Authority of Singapore (MPA) on 27 June.

Former crew members of a Singapore-flagged bunker tanker (IMO 9199701) chartered by IPP, now renamed as Fragrance, are in the middle of trials at the State Courts of Singapore over tampering of a mass flowmeter.

Photo credit: Wpcpey [CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)]
Published: 14 October, 2019

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

9 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

9 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

Winding up

Singapore: Liquidator of Nan Shan Maritime Pte Ltd issues notice of dividend

Third interim dividend to admitted unsecured claims of Nan Shan Maritime is payable from 15 July, according to Government Gazette notice.

Published

5 days ago

July 16, 2026

Admin

A notice of dividend for Nan Shan Maritime Pte Ltd, which is currently in creditors’ voluntary liquidation, was published on the Government Gazette on Wednesday (15 July).

The following are the details of the notice:

Name of Company : Nan Shan Maritime (Pte.) Ltd.(In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 201701967H
Address of Registered Office : 10 Anson Road, #10-10, International Plaza, Singapore 079903
Amount per centum : 5.00 Per Centum of all admitted unsecured, claims
First and Final or Otherwise : Third Interim
When Payable : 15 July 2026
Where Payable : Entitlements will be made by way of cheque.

Photo credit: Drew Beamer
Published: 16 July, 2026