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Second arrest warrant issued for GP Global’s ‘GP B3’ over outstanding bills from creditors

17 Sep 2020

The Gujarat High Court in India on Thursday (10 September) ordered a second arrest warrant to be issued for GP B3, a tanker owned by UAE-based oil and bunkering firm GP Global following a second court filing from its shipmanager over outstanding bills, reported Reuters.

Documents showed the High Court had granted Singapore-based ship management company, Celestial Ship Management Pte Ltd, a request to detain GP B3 for unpaid bills amounting t0 $600,000 for services it provided including technical management and crewing.

According to company records in Singapore, Prachi Goel and Swati Goel, the respective spouses of the directors and shareholders of GP Global, Prerit Goel and Manan Goel, are listed among the directors of Celestial Ship Management.

Celestial Ship Management and GP Global’s Asia Pacific office also list the same address in Singapore as their business address. 

In the court document, Celestial Ship Management reported having “made repeated requests for payment but the last such payment was received in April 2019 and no such payment has been received thereafter”.

The first arrest warrant for GP B3 was issued by the same court just a day before following a petition from National Bank of Fujairah (NBF) over a loan default.

GP Global is also reportedly looking to sell part of its assets in an effort to repay creditors after attempts to find a buyer for its trading units remained unsuccessful.

Related: GP Global considering sale of assets in an effort to repay creditors
Related: GP Global tanker ‘GP B3’ detained in India due to loan defaults with creditors
Related: Argus Media: GP Global clarifies that it has shut only lesser performing trading desks
Related: Argus Media: GP Global rules out asset sales in restructuring
Related: GP Global engages restructuring specialists following credit pull and internal fraud
Related: GP Global internal investigations reveal Sharjah and Fujairah staff involved with fraud
Related: GP Global repudiates rumours and proceeds with restructuring as strategic move

Photo credit: Marine Traffic / mgklinngsick_aol_com
Published: 17 September, 2020


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