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Winding up

Singapore: Former auditors of Inter-Pacific Petroleum undergo private oral examination at court

At least 32 earlier Mercuria invoices dated between September to December 2017 amounting to USD 90 million remain unpaid.

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Both former auditors* of defunct Singapore bunker supplier Inter-Pacific Petroleum (IPP) have been scheduled to appear for private oral examination at the High Court of the Republic of Singapore on 2 October and 13 October respectively, learned Singapore bunkering publication Manifold Times.

The auditors were under employment of One Assurance LLP, a public accounting firm providing accounting and auditing services to IPP for the financial years ending 31 December 2016 and 31 December 2017, according to court documents obtained.

IPP Judicial Managers (JMs) Deloitte Singapore obtained a court order to seek further information from IPP’s two former auditors on September 2022, who following submitted their affidavits to the institution on December 2022.

On May 2023, the former auditors of IPP further agreed to undergo examination by IPP JMs who were seeking for clarification regarding allegedly unpaid invoices issued to Mercuria dated between September 2017 to December 2017.

In short, the JMs wished to understand if the former IPP auditors:

  • Were reasonably assured financial statements prepared during IPP’s audit were free from misstatements even though receivables owed by Mercuria have been outstanding for more than the credit term of 60 days as at the time of the auditor’s issued report.
  • Confirm they were reasonably assured their assessment of the receivables owed by Mercuria Energy were not in any way doubtful.

The above development was due to a prior 11 January 2018 payment by Mercuria, where at least 32 earlier invoices dated between 9 September 2017 to 20 December 2017 amounting to USD 90 million (exact: USD 90,103,788.96) remained unpaid.

Background

IPP, a former Singapore bunker supplier and bunker craft operator, filed for judicial management at the High Court on August 2019.

A civil trial between IPP JMs and its former Singapore Director, namely Dr Goh Jin Hian, started on April 2023 at the High Court of the Republic of Singapore.

Judicial Managers Deloitte & Touche are suing Dr Goh for over USD 156 million over losses of IPP due to alleged breach of his director’s duties.

The Singapore branch of Maybank is looking to recover an amount of USD 88.3 million while Societe Generale (SocGen) is owed USD 81.3 million that they allege to be due to Dr Goh’s negligence as director.

Reportedly, Dr Goh has said that it is not the responsibility of the director to authenticate documents from management and he disputes against the banks’ own due diligence and credit risk assessment.

*Singapore bunkering publication Manifold Times has chosen to withhold the names of IPP’s former auditors.

A timeline organised list of events preceding the current development of Inter-Pacific Petroleum has been recorded by Manifold Times below:

RelatedSingapore: Civil trial between Inter-Pacific Petroleum and Dr Goh Jin Hian begins
Related: Former Singapore Director of Inter-Pacific Petroleum sued for USD 156 million
Related: Inter-Pacific Petroleum creditors authorised to fund lawsuit against former Director
RelatedNew Silkroutes under investigation over possible breach of Securities and Futures Act
Related: Judicial Managers considering to take former Singapore Director of Inter-Pacific Petroleum to court
Related: Singapore: Inter-Pacific Group receives winding up order from High Court
Related: Singapore: Inter-Pacific Group files for winding up application at High Court
Related: MPA revokes Inter-Pacific Petroleum Pte Ltd bunker supplier licence
Related: Co-heads of Trade and Commodities Finance for Asia-Pacific leave SocGen
Related: Inter-Pacific Group, Inter-Pacific Petroleum to hold creditors’ meet
Related: NewOcean detains Singapore-flagged bunker tanker “Pacific Energy 28”
Related: SocGen lawsuit against NewOcean Petroleum dropped, party to counterclaim
Related: MPA revokes Inter-Pacific Petroleum bunker craft operator licence
Related: Magnets on MFMs: Trial starts for former bunker clerk of “Consort Justice
Related: First suspect charged over MFM tampering in landmark case
Related: With nearly $180 million of debt, IPP proposes interim judicial management
Related: Inter-Pacific Group, Inter-Pacific Petroleum under judicial management
Related: Magnets on MFMs: “Consort Justice” crew pleads ‘not guilty’ to tampering charge
Related: IPP responds to temporary suspension of bunker craft operator licence
Related: MPA temporarily suspends IPP bunker craft operator licence
Related: Singapore: Bunker Cargo officer, crew face charges over alleged MFM tampering

Photo credit: Manifold Times
Published: 6 October, 2023

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Winding up

Singapore: Tiger LNG Shipping Pte Ltd to be wound up voluntarily

A liquidator was also appointed for the company at an extraordinary general meeting held on 30 June, according to Government Gazette notice.

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RESIZED Drew Beamer

Several resolutions for Tiger LNG Shipping Pte Ltd were made during an extraordinary general meeting held on 30 June, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

AS SPECIAL RESOLUTIONS

Resolved:

  • That the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018, and that Mr Lum Chi Lup Benny of 190 Middle Road, #17-05 Fortune Centre, Singapore 188979, be and is hereby appointed as Liquidator for the purpose of such winding-up;
  • That the Liquidator be and is hereby authorised (when and as soon as the debts and liabilities of the Company have been paid and satisfied or duly provided for) to distribute the assets in specie or kind among the contributories of the Company in accordance with their respective rights and interests; and
  • That the Liquidator of the Company be and is hereby authorised to exercise any of the powers given by Sections 144(1)(b), (c), (d), (e), (f) and (g) of the Insolvency, Restructuring and Dissolution Act 2018.

AS ORDINARY RESOLUTIONS

Resolved:

  • That the Liquidator, Mr Lum Chi Lup Benny be remunerated for the work of winding-up the Company on his normal scale of fees and that the Liquidator be indemnified by the Company against all costs, charges, losses, expenses and liabilities incurred or sustained by him in the execution and discharge of his duties in relation thereto.
  • That pursuant to Section 195(2) of the Insolvency, Restructuring and Dissolution Act 2018, the books, accounts and documents of the Company and those of the Liquidator shall be retained for a period of 5 years after the dissolution of the Company and, at the expiration of that period, the documents may be destroyed.

 

Photo credit: Drew Beamer
Published: 7 July, 2025

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Winding up

Singapore: Liquidators issue notice of intended dividend for Xihe Holdings

Creditors will need to produce proofs of debt to liquidators of collapsed Singapore-based oil trading firm Xihe Holdings by 17 July, according to Government Gazette notice.

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calculator steve pb from Pixabay

A notice to declare intended dividend of collapsed Singapore-based oil trading firm Xihe Holdings Pte Ltd to its creditors has been posted on the Government Gazette on Thursday (3 July).

Xihe Holdings Pte Ltd and its subsidiaries are owned by the Lim family, who are also the owners of the embattled Hin Leong Trading.

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

Name of Company : Xihe Holdings (Pte) Ltd (In Liquidation)
Unique Entity No. / Registration No. : 199002021M
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Court : High Court of Singapore
Number of Matter : HC/CWU 40/2022
Last Day for Receiving Proofs : 17 July 2025 at 5:00 pm by email to [email protected]
Name of Liquidators : Seshadri Rajagopalan, Paresh Tribhovan Jotangia and Ho May Kee
Address : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960

Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management
Related: Xihe Holdings files for judicial management and winding up of Xihe Capital subsidiaries

 

Photo credit: steve pb from Pixabay
Published: 4 July, 2025

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Legal

Singapore: High Court to hear LNG Easy (S) winding up application on 18 July

Application for the winding up of LNG Easy (S) Private Limited was filed by China-based Shanghai Hengda (Jituan) Youxian Gongsion on 25 June, according to Government Gazette notice.

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An application for the winding up of LNG Easy (S) Private Limited was filed by China-based Shanghai Hengda (Jituan) Youxian Gongsi on 25 June, according to Wednesday (2 July) notice on the Government Gazette.

It noted the winding up application is directed to be heard before the Judge sitting in the General Division of the High Court at 10am on 18 July.

Any creditor or contributory of the company desiring to support or oppose the making of an order on the winding up application may appear at the time of hearing by himself or his counsel for that purpose.

A copy of the winding up application will be furnished to any creditor or contributory of the company requiring the copy of the winding up application by the solicitors of the applicant’s, Shook Lin & Bok LLP, on payment of the regulated charge for the same.

The Applicant’s address is 681 South Henan Road, Huangpu District, Shanghai 200010, China.

The Applicant’s solicitors are Shook Lin & Bok LLP of 1 Robinson Road, #18-00, AIA Tower, Singapore 048542.

Note: Any person who intends to appear on the hearing of the winding up application must serve on or send by post to the Claimant’s solicitors, notice in writing of his intention to do so. The notice must state the name and address of the person, or if a firm, the name and address of the firm, and must be signed by the person, firm, or his or their solicitor (if any) and must be served, or, if posted, must be sent by post in sufficient time to reach the abovenamed not later than 14 July 2025 (at least 3 clear working days before the day appointed for the hearing of the winding up application).

 

Photo credit: Ekaterina Bolovtsova
Published: 3 July, 2025

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