Singapore: Directors of troubled Sea Hub Energy declare inability to continue business

Directors of Sea Hub Energy Pte Ltd (Sea Hub), a company formerly in the business of chartering and trading of marine fuels at Singapore port, lodged a statutory declaration (SD) stating that the company cannot continue its business due to its liabilities, according to a 12 March (Tuesday) notice on the Government Gazette.

In the SD lodged on 5 March, the directors, Lim Seet Huat and Ang Heng Lye, said the meetings of the company and its creditors have been summoned for 5 April 2024, being a date within one month of the date of the SD.

In another notice, Messrs Tan Wei Cheong and Lim Loo Khoon, both care of 6 Shenton Way, OUE Downtown 2 #33-00 Singapore 068809, have been appointed as Joint & Several Provisional Liquidators of the company on 5 March 2024.

In June 2021, the State Courts of the Republic of Singapore issued Ang a 35-month imprisonment sentence, due to his role in a conspiracy to tamper with the mass flowmetering (MFM) systems on board Singapore bunker tankers Southernpec 6 and Southernpec 7 between October 2018 to April 2019.

During the period of offence, Ang was employed as a consultant at Ocean Express Pte Ltd; around June 2018, Ang was acting as a consultant and partner of Success Energy Service Pte Ltd.

In July 2021, Manifold Times reported the majority shareholder of Sea Hub issuing a clarification to the bunkering industry regarding the imprisonment of its Trading Director.

“The recent 35-month imprisonment of Sea Hubs’ Trading Director is unrelated to the integrity of the company,” Lim told Singapore bunkering publication Manifold Times in an interview.

Lim, who founded Sea Hub in 2007, is a 70% shareholder of the company where he also works as its Shipping Director overseeing vessel management and chartering operations; the remaining 30% shareholding of the firm belongs to Trading Director Ang.

“Ang officially joined Sea Hub in early 2008 where he was in charge of the company’s trading and bunkering operations,” Lim said.

The company was involved in several bunker dispute trials and was cooperating with local Singapore authorities to resolve alleged Office of Foreign Assets Control (OFAC) sanctioned activities relating to the Sea Tanker II bunkering vessel.

Related: Magnets on MFMs: Trial ends with 35-month imprisonment sentence for Director of Seahub Energy
Related: Singapore: Imprisonment of Sea Hub Energy Director ‘unrelated to company integrity’, says majority shareholder
Related: Sea Hub Energy seeks US$12 million from Southernpec at Singapore High Court
Related: Singapore: Sea Hub Energy exits MPA bunker craft operator list
Related: OFAC adds Singapore-registered “Sea Tanker II” to sanctions list

Photo credit: Manifold Times
Published: 13 March 2024