Winding up

Singapore: Annual general meetings set for Xihe Holdings subsidiaries

Meetings of companies and creditors will be held electronically on 2 November for Nan King Maritime and Dong Nan Tankers to receive an update on liquidation, according to Government Gazette notices.

Published

2 years ago

October 20, 2023

Admin

Several notices were published on the Government Gazette on Thursday (19 October) regarding the annual general meetings to be held electronically on 2 November 2023 for Xihe Holdings subsidiaries Nan King Maritime Pte Ltd and Dong Nan Tankers Pte Ltd.

Annual general meetings for Nan King Maritime are to be held at the following times:

For the company: 10.00 am
For the creditors: 11.00 am

Annual general meetings for Dong Nan Tankers are to be held at the following times:

For the company: 2.00 pm
For the creditors: 3.00 pm

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 following are the details of the liquidator:

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

Photo credit: Drew Beamer
Published: 20 October, 2023

Winding up

Singapore: Creditors’ meeting scheduled for Quetzal Offshore Pte Ltd

Meeting for Quetzal Offshore will be held through electronic means on 27 May at 3pm to confirm the appointment of liquidators, according to Government Gazette notice.

Published

2 days ago

May 21, 2025

Admin

The creditors’ meeting of Quetzal Offshore Pte Ltd Pte Ltd, has been scheduled to take place on 27 May, states a Monday (19 May) notice posted on the Government Gazette.

The meeting for creditors of the company will be held by way of electronic means at 3pm.

The purposes of the meeting are:

receiving a statement of the Company’s affairs together with a list of creditors and the estimated amounts of their claims;
confirming the appointment of Mr. Chan Kwong Shing, Adrian, Ms. Toh Ai Ling and Ms. Tan Yen Chiaw all care of KPMG Services Pte. Ltd. of 12 Marina View, #15-01 Asia Square Tower 2, Singapore 018961, as the joint and several Liquidators of the Company pursuant to Section 167(1) of the Act for the purpose of winding up the affairs of the Company at such remuneration based on time costs;
resolving 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;
forming a Committee of Inspection of not more than 5 members, if thought fit;
and any other business

According to SGP Business website, a business platform for businesses and individuals, the company’s main business was offering ship management services.

Photo credit: Benjamin-child
Published: 21 May, 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

4 days 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

1 week 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