Winding up

Singapore: Annual general meetings set for Xihe Holdings subsidiaries

Annual general meetings of companies/creditors will be held electronically on 22 April for An Guang Shipping Pte Ltd and Xin Kang Shipping Pte Ltd, according to Government Gazette notices.

Published

1 month ago

April 9, 2025

Admin

Several notices were published on the Government Gazette on Tuesday (8 April) regarding the annual general meetings of the companies and creditors to be held electronically on 22 April for Xihe Holdings subsidiaries, An Guang Shipping Pte Ltd and Xin Kang Shipping Pte Ltd.

Annual general meetings for An Guang Shipping are to be held:

Annual general meeting of the Company at 3pm
Annual general meeting of the creditors of the Company at 4pm

Annual general meeting for Xin Kang Shipping are to be held:

Annual general meeting of the Company at 10am

The agenda for all the meetings are:

To receive an update on the liquidation.
To receive an account of the Liquidators’ acts and dealings, and of the conduct of the winding up.

The name and address of the liquidator is as follows:

Paresh Tribhovan Jotangia
Liquidator
c/o 8 Marina View
#40-04/05 Asia Square Tower 1
Singapore 018960

In 2020, Manifold Times reported a notice of appointment of interim judicial managers from Grant Thorton, published in the Government Gazette, for certain Xihe Holdings Pte Ltd subsidiaries including Xin Kang Shipping.

Later in the same year, notices were published regarding the first meeting between the judicial managers of Xihe Holdings’ subsidiaries, including An Guang Shipping and its creditors, as well as the procedures to submit proof of debt to entitle creditors to a vote during the said meeting.

Photo credit: Benjamin Child
Published: 9 April, 2025

Winding up

Singapore: Notice of dividend issued for defunct bunkering firm Coastal Oil Singapore

Second and final dividend of Coastal Oil Singapore is scheduled to be released from 19 May; company’s former Chief Finance Officer received a nine-year jail sentence in 2021.

Published

21 hours ago

May 19, 2025

Admin

A notice was published in the Government Gazette on Friday (16 May), regarding the second and final dividend to creditors of defunct bunkering firm Coastal Oil Singapore Pte Ltd.

The following are details of the notice of dividend of the company:

Name of Company : Coastal Oil Singapore Pte. Ltd. (In Creditors’ Voluntary Liquidation) (Co. Reg. No 200413975N)
Address of Registered Office : 1 Raffles Quay, #27-10 South Tower, Singapore 048583
Amount per centum : 0.3552 per centum of all admitted ordinary claims
First and final or otherwise : Second and Final Dividend
When payable : On or after 19 May 2025
Method of payment : Remittance or telegraphic transfer
Where payable : c/o FTI Consulting (Singapore) Pte Ltd, 1 Raffles Quay, #27-10 South Tower, Singapore 048583

In 2021, the former Chief Finance Officer of Coastal Oil Singapore received a nine-year jail sentence at the State Courts of Singapore.

Ong Ah Huat earlier pleaded guilty to 15 charges; the charges include three counts of engaging in a scheme to defraud and nine counts of forgery for conspiring with accomplices to defraud eight banks into approving USD 320 million in loans.

The banks involved were: China Merchants Bank (Singapore), Bank of Communications (Hong Kong), BNP Paribas (Hong Kong), Cooperative Rabobank (Hong Kong), DBS Bank (Hong Kong), HSBC (Hong Kong), OCBC (Hong Kong), and Standard Chartered Bank (Hong Kong).

In 2019, Manifold Times reported Hong Kong-listed COSCO SHIPPING International (Hong Kong) Co., Ltd stating its indirect wholly-owned bunkering subsidiary Sinfeng suspecting fraud to be involved in the liquidation of Coastal Oil Singapore during December 2018.

It was believed Coastal Oil Singapore owed approximately US $357 million to 79 firms. Out of the total USD 357 million, banks were the hardest hit taking up about US $354 million, or 99.1%, of total credit owed.

A complete coverage of the events leading to the current development has been arranged by Singapore bunker publication Manifold Times (in descending date order) below:

Photo credit: Manifold Times
Published: 19 May, 2025

Business

Vitol and Grindrod announces winding down of bunkering firm Cockett

‘The shareholders would also like to thank all of Cockett’s suppliers and customers for their support over the last 45 years of trading,’ said a joint statement.

Published

7 days ago

May 13, 2025

Admin

Vitol and Grindrod, joint shareholders of bunkering firm Cockett, on Tuesday (13 May) made the strategic decision to conduct an orderly wind-down of Cockett.

“This difficult decision was reached after long consideration and in light of the non-core nature of Cockett’s business to both shareholders,” said a joint statement.

“Cockett is in a sound financial position. It will continue to perform all of its existing contractual obligations, in a timely manner, to both suppliers and customers. As of today however, it will not enter into any new business.

“The shareholders are keen to ensure that the wind-down proceeds on a solvent basis. Cockett anticipates that all relevant suppliers will be paid in full within the next 60 days, in each case in accordance with the terms of their supply contracts. It also anticipates payment of relevant receivables due from customers within a similar timeframe.”

According to the statement, the wind-down process will be led by Cockett’s current management team, Cem Saral and Arnaud Payot, Cockett’s long standing CEO and CFO. They will be supported by Vitol on behalf of the shareholders who, as a leading global energy supplier, holds existing relationships with many of Cockett’s suppliers and customers. A core team will remain in place to ensure the orderly settlement of payables and receivables.

“The shareholders would like to thank the Cockett employees for their professionalism, hard work and dedication to the company over many years. All employees will receive considered and responsible compensation,” it noted.

“The shareholders would also like to thank all of Cockett’s suppliers and customers for their support over the last 45 years of trading.”

Photo credit: Cockett
Published: 13 May 2025

Winding up

Singapore: Liquidator schedules final meeting for President Marine

Meeting will be held at 600 North Bridge Road, #05-01 Parkview Square, Singapore 188778 at 9am on 9 June to hear any explanation that may be given by the liquidator, says Government Gazette notice.

Published

7 days ago

May 13, 2025

Admin

The final meeting of members for President Marine Pte Ltd, has been scheduled to take place on 9 June, according to the company’s liquidator on a notice posted on Friday (9 May) on the Government Gazette.

The meeting will be held at 600 North Bridge Road, #05-01 Parkview Square, Singapore 188778 at 9am.

The meeting is being held for the purpose of having an account laid before the members showing the manner in which the winding up has been conducted and the property of the company disposed of and of hearing any explanation that may be given by the liquidators

The details of the liquidator are as follows:

Victor Goh
Khor Boon Hong
Marie Lee
Joint Liquidators
C/o Baker Tilly
600 North Bridge Road
#05-01 Parkview Square
Singapore 188778

According to Singapore-based The Grid, a B2B Sales Intelligence platform, the company’s business was in building and repairing tankers and other ocean-going vessels.

Photo credit: Jo_Johnston from Pixabay
Published: 13 May, 2025