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Winding up

Singapore: First creditors meeting scheduled for bunker firm Sea Hub Energy

Meeting of creditors for Sea Hub Energy, a company formerly in the business of chartering and trading of marine fuels at Singapore port, will be held at 11am on 5 April, according to Government Gazette notice.

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RESIZED Sea Hub Energy

The first meeting for creditors of troubled Sea Hub Energy Pte Ltd (Sea Hub), a company formerly in the business of chartering and trading of marine fuels at Singapore port, has been scheduled to take place on 5 April, according to a Government Gazette notice on Friday (22 March). 

The meeting will be held at 11am on 5 April via video-conference and/or tele-conference.

The following is the agenda for the meeting:

  1. To present a Statement on the company’s affairs showing the assets and its estimated realisable value, together with a list of creditors and the estimated amount of the claims;
  2. To consider the nomination of Liquidators or to confirm the appointment of the Joint and Several Liquidators nominated by the company;
  3. To appointment of a Committee of Inspection;
  4. To propose giving the Liquidators the power to appoint solicitors;
  5. To propose giving the Liquidators the power to compromise claims and debts; and
  6. Any other resolutions.

To attend, creditors are required to nominate and vote thereat their Proof of Debt and form of proxy must be lodged with the Joint and Several Provisional Liquidators no later than 4pm on the 4 of April 2024.

A copy of the Proof of Debt form (prescribed Form VWU-11), form of proxy, a statement showing the names of all known creditors and the amount of their claims and a copy of this Notice have been dispatched to all known creditors of the company on 22 of March 2024. 

Any other person claiming to be a creditor of the company as at this date may write to the Joint and Several Provisional Liquidators to request for copies thereof.

The details of the liquidator are as follows: 

Tan Wei Cheong
Joint & Several Provisional Liquidator
c/o 6 Shenton Way
OUE Downtown 2 #33-00
Singapore 068809

Manifold Times previously reported directors of Sea Hub lodging a statutory declaration (SD) stating that the company cannot continue its business due to its liabilities.

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 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 flow metering (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.

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.

Related: Singapore: Directors of troubled Sea Hub Energy declare inability to continue business
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: 25 March 2024

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Bunker Fuel

Creditors to file proof of debt for Singapore’s collapsed oil firm Hin Leong Trading

Creditors who have not previously filed a proof of debt with the Liquidators in respect of their debts are to file their proof of debt with liquidators by 6 June 2024.

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calculator steve pb from Pixabay

A notice in the Government Gazette was published on Thursday (23 May) by liquidators of Singapore-based defunct oil trading company Hin Leong Trading, which is undergoing compulsory liquidation,  for creditors to file proof of debt against the company.

Creditors who have not previously filed a proof of debt with the Liquidators in respect of their debts are to file their proof of debt with the Liquidators in the prescribed form (Form CWU-1) by 6 June 2024 (the Submission Deadline).

Creditors who do not file a proof of debt by the Submission Deadline will be excluded from the aforementioned interim dividend.

For the avoidance of doubt, creditors who had previously filed a proof of debt with the Liquidators shall not be required to re-file their proof of debt.

Proofs of debt may be submitted to the Liquidators by way of e-mail or by mail at the following address:

Hin Leong Trading (Pte.) Ltd (In Compulsory Liquidation)
c/o the Liquidators
7 Straits View, Marina One
East Tower, Level 12
Singapore 018936
Email: [email protected] 

Any queries in relation to and/or arising out of this Notice should be directed to the liquidators by way of email at [email protected]

Manifold Times previously reported Founder of Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, was convicted on two charges of cheating and one charge of instigating forgery for the purpose of cheating after a trial of over 60 days.

The 82-year-old was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions. 

These three charges concern two fraudulent discounting applications made by Hin Leong to the Hongkong and Shanghai Banking Corporation Limited (HSBC), pursuant to which HSBC disbursed a total of USD 111,683,939 to Hin Leong. The rest of the charges were stood down pending resolution of the trial.

An extensive coverage by Singapore bunkering publication Manifold Times regarding the fall of Hin Leong can be found below:

Related: Singapore: Lawyers of OK Lim and daughter accuse former PA of lying in her testimony
Related: Former PA to Hin Leong Trading Founder refutes OK Lim’s claim on his role in firm
Related: Founder OK Lim grilled by prosecutors on his involvement at Hin Leong Trading
Related: Singapore: Hin Leong Trading Founder testifies for the first time in his own defence
Related: Singapore: Hin Leong Trading Founder to testify in USD 111.7 mil cheating, forgery case
Related: Singapore: O.K. Lim, children faces liquidators and HSBC in USD 3.5 bil civil lawsuit
Related: Former PA to Hin Leong Trading Founder found lying in CAD investigations
Related: Singapore: Hin Leong Trading Founder goes to trial for cheating, forgery charges
Related: Hin Leong Trading Founder faces additional 105 cheating, forgery charges in court
Related: Ocean Tankers judicial managers progressing to liquidate firm after expiry of court order
Related: Singapore: Hin Leong Trading Director charged with obstructing course of justice
Related: Court of Appeal: Hin Leong, Lim family claim ‘without any factual or legal basis’
Related: Singapore: High Court dismisses UniCredit Bank USD 37 million claim against Glencore over Hin Leong transaction
Related: Singapore: Hin Leong takes Deloitte to court over alleged auditing failures
Related: Hin Leong Trading Founder OK Lim facing 23 new forgery-related charges at State Courts
Related: Application to wind up Hin Leong Trading subsidiary, Hin Leong Marine approved
Related: Singapore High Court approves Hin Leong Trading wind up order application
Related: Hin Leong Trading liquidates a third of its fleet to recover USD 3.5 billion debt
Related: Lim family aims to wind up Hin Leong Trading subsidiary, Hin Leong Marine
Related: Judicial Managers of Hin Leong Trading Pte Ltd file for winding up order
Related: Hin Leong judicial managers to hold meeting of creditors to discuss fees incurred
Related: Lim family files application to wind up Hin Leong Trading subsidiary, Hin Leong Marine
Related: First creditors meeting of Ocean Tankers to be held in early January 2021
Related: Bank of China takes legal action against BP Plc and Lim family to recover $312.9 million
Related: OBS to wind up operations; creditor list alleges estimated USD 42 million debt
Related: Ocean Tankers publishes notice for creditors to prove any debts or claims for publication
Related: Hin Leong Trading founder denies allegations of forgery put forward by HSBC
Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management
Related: HSBC takes Lim family and Hin Leong employee to court to recover USD 85.3 million
Related: Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditors
Related: Xihe Capital and subsidiaries, Nan Guang Maritime to undergo voluntary liquidation
Related: MPA: Ocean Bunkering Services licenses suspended ‘until further notice’ and not revoked
Related: Ocean Bunkering Services bunker claims against ASL Marine & Offshore heads to arbitration
Related: Ocean Tankers to return most ships to owners to reduce $540,000 a day cash burn
Related: Singapore: Ocean Bunkering Services license suspended until further notice
Related: PwC publishes ‘investment opportunity’ for Singapore independent bunker fuel supplier
Related: Hin Leong founder O.K. Lim hit with second charge of abatement in forgery
Related: Hin Leong judicial managers and legal firms could rack up SGD 17.3 million in fees
Related: Winson Group wins ICC backing in dispute against banks over credit for Hin Leong Trading
Related: O.K. Lim and two children sued for USD 3.5billion; receiver appointed for 3 Xihe ships
Related: Managers of Ocean Tankers looking to recover USD 19 million from Lim family
Related: Argus Media: Singapore’s Hin Leong founder charged with forgery
Related: Xihe Holdings placed under IJM as OCBC reverses decision for ‘consensual restructuring’
Related: Xihe replaces Directors, forms new management team to chart fresh course for Group
Related: Hin Leong Trading lawyers publish application to fulfill requirements for hearing to proceed
Related: Ocean Tankers legal team publishes application to be placed under judicial management
Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed
Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL
Related: OCBC files for Xihe Holdings to be placed under judicial management
Related: Judicial managers of Ocean Tankers discover discrepancies and fraud in exposure claims
Related: Judicial managers of Ocean Tankers to present restructuring proposals to owners
Related: PwC probes uncover mass grave of financial skeletons and alleged fraud within HLT
Related: Winson Group seeks SGD 30.4 million from Standard Chartered over HLT related trade
Related: Winson Group seeks SGD 30.4 million from OCBC over credit pull in Hin Leong trade
Related: Ocean Tankers: Notice to prove debt or claim published by interim judicial managers
Related: ‘Reasonable prospects’ to keep Ocean Tankers as a going concern, states Director
Related: Singapore: Ocean Tankers, a separate entity of Hin Leong, seeking judicial management
Related: Singapore High Court concedes interim judicial management to Hin Leong Trading
Related: Sembcorp commences legal proceedings against Hin Leong Trading over gasoil cargo
Related: Sembcorp Cogen aborts gasoil supply and storage contract with Hin Leong Trading
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: steve pb from Pixabay
Published: 28 May 2024

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Business

Singapore: Annual general meetings scheduled for An Xing Shipping and Xin Guang Shipping

Meetings will be held on 11 and 13 June for An Xing Shipping Pte Ltd and Xin Guang Shipping Pte Ltd respectively to to receive an update on firms’ liquidation.

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RESIZED Drew Beamer

Several notices were published on the Government Gazette on Monday (27 May) regarding the annual general meetings to be held on 11 and 13 June for An Xing Shipping Pte Ltd and Xin Guang Shipping Pte Ltd respectively. 

Annual general meetings for An Xing Shipping are to be held on 11 June at the following times:

For the company: 10am
For the creditors: 11am

Annual general meetings for Xin Guang Shipping are to be held on 13 June at the following times:

For the company: 10am
For the creditors: 11am

The agenda for all the meetings are:

  1. To receive an update on the liquidation.
  2. 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:

Ho May Kee
Liquidator
c/o 8 Marina View
#40-04/05 Asia Square Tower 1
Singapore 018960

 

Photo credit: Drew Beamer
Published: 28 May 2024

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Winding up

Singapore: Liquidators schedule final meeting for Sejahtera Shipping and related companies

Final meetings will be held at 9 Raffles Place, #19-21 Republic Plaza Tower 2, Singapore 048619 for Sejahtera Shipping, Molek Shipping and Madu Shipping.

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The final meetings of Sejahtera Shipping Pte Ltd and its related companies have been scheduled to take place on 21 June, according to the company’s liquidators on a notice posted on Monday (20 May) on the Government Gazette.

The other companies are Molek Shipping Pte Ltd and Madu Shipping Pte Ltd. 

The meetings will be held at 9 Raffles Place, #19-21 Republic Plaza Tower 2, Singapore 048619 at the following times:

  1. Sejahtera Shipping at 11am
  2. Molek Shipping at 10.30am
  3. Madu Shipping at 10am

They will be held for the purposes of having accounts laid before the meeting 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 liquidator.

The details of the liquidators are as follows:

Cheng Sam Tai Catherine
Liquidator
c/o Crowe Horwath First Trust Corporate Advisory Pte. Ltd.
9 Raffles Place, #19-20 Republic Plaza Tower 2, Singapore 048619

A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote in his stead. A proxy need not be a member of the company. The instrument appointing a proxy must be deposited at the Registered Office of the company not less than 48 hours before the time set for holding the meeting.

Related: Singapore: Sejahtera Shipping and related companies to be wound up voluntarily

 

Photo credit: Benjamin-child
Published: 21 May 2024

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