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.

Published

2 months ago

October 6, 2023

Admin

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:

Photo credit: Manifold Times
Published: 6 October, 2023

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Final meeting of the company and creditors will be held at 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095 through an audio-visual conference on 27 December.

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The final meeting of Teras Conquest 8 Pte Ltd has been scheduled to take place on 27 December, according to the company’s liquidators on a notice posted on Monday (27 November) on the Government Gazette.

The final meeting of the company and creditors will be held at 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095 through an audio-visual conference at 10.30 am.

The meetings are 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 respective company disposed of and of hearing any explanation that may be given by the Liquidators.

The following are details of the liquidators:

Ng Kian Kiat
Goh Wee Teck
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c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095

Photo credit: Drew Beamer
Published: 28 November, 2023

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Singapore: Final meeting scheduled for Meridian Maritime Pte Ltd

Final meeting of the company and creditors will be held at 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095 through an audio-visual conference on 22 December.

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The final meeting of Meridian Maritime Pte Ltd has been scheduled to take place on 22 December, according to the company’s liquidators on a notice posted on Wednesday (22 November) on the Government Gazette.

The final meeting of the company and creditors will be held at 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095 through an audio-visual conference at 3.00 pm.

The following are details of the joint liquidators:

Ng Kian Kiat
Goh Wee Teck
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Photo credit: Drew Beamer
Published: 24 November, 2023

Winding up

Singapore: Wulansari Maritime Pte Ltd and related companies to be wound up voluntarily

A liquidator was appointed for the companies for the purpose of winding-up the affairs of the companies, according to several notices released on the Government Gazette.

Published

4 weeks ago

November 3, 2023

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An extraordinary general meeting to pass several resolutions for Wulansari Maritime Pte. Ltd. and related companies, was held by electronic means on Monday (2 October), according to several notices released on 2 November on the Government Gazette.

The following are companies involved in the matter:

Anjasmoro Maritime Pte. Ltd. (Company Registration No. 200403118R)
Dewayani Maritime Pte. Ltd. (Company Registration No. 200105886G)
Fatmarini Maritime Pte. Ltd. (Company Registration No. 200207063H)
Gagarmayang Maritime Pte. Ltd. (Company Registration No. 200414648C)
Gandari Maritime Pte. Ltd. (Company Registration No. 200105809W)
Gandini Maritime Pte. Ltd. (Company Registration No. 200105885R)
Indradi Maritime Pte. Ltd. (Company Registration No. 200106034C)
Pramoni Maritime Pte. Ltd. (Company Registration No. 200807407R)
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Wulansari Maritime Pte. Ltd. (Company Registration No. 200102335K)
Frabandari Maritime Pte. Ltd. (Company Registration No. 200207056H)

The Special Resolution set out below was duly passed:

That the Company be wound up voluntarily and that Hamish Alexander Christie care of H.A. Christie & Co at 1 Raffles Place #10-62 One Raffles Place Singapore (048616) be appointed as Liquidator of the Company to act for the purpose of such winding-up the affairs of the Company.

Given that no quorum was met at the Creditors’ Meeting held on 3 October 2023 and at the adjourned Creditors’ Meeting held on 16 October 2023, the above Special Resolution was deemed duly passed by Shareholder’s Resolution on 16 October 2023 pursuant to S160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (Act 40 of 2018).

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Manifold Times

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

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Winding up

Singapore: Final meeting scheduled for Teras Conquest 8 Pte Ltd

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Singapore: Wulansari Maritime Pte Ltd and related companies to be wound up voluntarily

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