Singapore energy, marine and urban development group Sembcorp Industries Ltd on Monday (27 April) issued an update of its subsidiary’s Sembcorp Cogen Pte. Ltd. (Sembcorp Cogen) gasoil storage and supply agreement (GSS agreement) with Hin Leong Trading (HLT).
The previous announcement stated Sembcorp Cogen has terminated the GSS agreement whereby HLT stored and managed on behalf of Sembcorp Cogen, gasoil reserves to fulfil certain regulatory requirements under Sembcorp Cogen’s electricity generation licence.
Sembcorp now states Sembcorp Cogen has also commenced legal proceedings in the High Court of the Republic of Singapore to assert its ownership of the gasoil reserves which are stored in designated tanks at HLT’s affiliate, Universal Terminal (S) Pte Ltd (Universal Terminal).
“This is to protect Sembcorp as it says there is a possibility that the gasoil reserves designated for Sembcorp Cogen may be subject to competing claims by one or more third parties,” it explains.
In the meantime, Sembcorp Cogen, on Friday (April 24) obtained an order from the Court to, amongst other things, restrain Universal Terminal from moving, removing or disposing any of the gasoil reserves claimed by Sembcorp Cogen, and to ensure that such gasoil reserves are stored separately from any other gasoil, it adds.
Sembcorp Industries says it will make appropriate announcements in the event of any material developments.
It advises shareholders and investors to exercise caution when dealing in its shares, and seek counsel from their respective stockbrokers, bankers, solicitors, accountants or other professional advisors if in any doubt.
Related: Sembcorp Cogen aborts gasoil supply and storage contract with Hin Leong Trading
Related: Winson Group and ZenRock Commodities reassure fiscal stability despite Hin Leong fiasco
Related: Report: Sinopec expresses interest in Hin Leong Trading stake of Universal Terminal
Related: Report: Hin Leong Trading appoints PwC as interim judicial manager
Related: Singapore’s Police Force commence investigations into Hin Leong Trading
Related: Report: Hin Leong Trading founder gave instructions to hide USD 800 million losses
Related: Singapore: Ocean Bunkering Services to discontinue marine fuel deliveries
Related: Hin Leong in debt restructuring exercise; Ocean Tankers a separate entity, says CEO
Related: Report: Hin Leong Trading finances under scrutiny, amid credit pull from two banks
Photo credit: Sembcorp Industries
Published: 28 April, 2020
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