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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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3 years ago

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Photo 3 of High Court

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:

Related: Singapore: 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
Related: New 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: Notices of intended dividend issued for Hua An Shipping and related firms

Creditors will need to produce proofs of debt to liquidators of Hua An Shipping, Hua Guang Shipping, Nan Hai Maritime, Nan Sia Maritime and Nan Zhou Maritime by 11 September.
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Published

5 days ago

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August 31, 2026

By

RESIZED Drew Beamer

Notices of intended dividend for Hua An Shipping Pte Ltd, Hua Guang Shipping Pte Ltd, Nan Hai Maritime Pte Ltd, Nan Sia Maritime Pte Ltd and Nan Zhou Maritime Pte Ltd were published on the Government Gazette on Friday (28 August). 

The following are the details of the notice of Hua An Shipping Pte. Ltd:

Name of Company : Hua An Shipping Pte. Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 200610919Z
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Last Day for Receiving Proofs : 11 September 2026 at 5:00 pm by email to [email protected]
Name of Liquidators : 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

Details of the notice of intended dividend for Hua Guang Shipping Pte. Ltd are as follows:

Name of Company : Hua Guang Shipping Pte. Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / : 200610922R Registration No.
Address of Registered Office : c/o Grant Thornton Singapore Private Limited 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960
Last Day for Receiving Proofs : 11 September 2026 at 5:00 pm by email to [email protected]
Name of Liquidators : 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

Details of the notice of intended dividend for Nan Hai Maritime Pte Ltd are as follows:

Name of Company : Nan Hai Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. /Registration No. : 200814299M
Address of Registered Office : c/o Grant Thornton Singapore Private Limited 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960
Last Day for Receiving Proofs : 11 September 2026 at 5:00 pm by email to [email protected]
Name of Liquidators : 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

Details of the notice of intended dividend for Nan Sia Maritime Pte Ltd are as follows:

Name of Company : Nan Sia Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No.  / Registration No.  : 200814320Z
Address of Registered Office : c/o Grant Thornton Singapore Private Limited 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960
Last Day for Receiving Proofs : 11 September 2026 at 5:00 pm by email to [email protected]
Name of Liquidators : 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

Details of the notice of intended dividend for Nan Zhou Maritime Pte Ltd are as follows:

Name of Company : Nan Zhou Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No.: 200814295H
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Last Day for Receiving Proofs : 11 September 2026 at 5:00 pm by email to [email protected]
Name of Liquidators : 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

 

Photo credit: Drew Beamer

Published: 31 August, 2026

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Winding up

Singapore: Notices of annual meeting issued for Vroon Shipping Asia and related firms

Annual meetings of the companies will be held by electronic means on the 6 October 2026 at 3pm, according to Government Gazette notices.
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Published

1 week ago

on

August 28, 2026

By

RESIZED Drew Beamer

Notices of annual meeting were issued by liquidators of Vroon Shipping Asia Pte Ltd and related firms, which are in members’ voluntary liquidation, on the Government Gazette on Thursday (27 August). 

The other companies involved are Vroon Offshore Asia Pte Ltd and Vroon Ship Holding Pte Limited. 

According to the notices, the annual meetings of the companies will be held by electronic means on the 6 October 2026 at 3pm.

The purpose of the meeting is to have an account laid before the meeting showing the acts and dealings of the liquidator, Knut Unger, and the conduct of the winding up in the preceding year.

 

Photo credit: Drew Beamer
Published: 28 August, 2026

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Winding up

Hengli Petrochemical’s ex-Singapore trading arm faces winding up application

In April, China’s Hengli Group reportedly reorganised the shareholding structure of its Singapore-based trading arm shortly after the United States imposed sanctions on its refinery unit.
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Published

1 week ago

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August 26, 2026

By

Singapore High Court

An application for the winding up of Hengli Petrochemical International Pte Ltd, the former Singapore trading arm of Hengli Petrochemical (Dalian) Refinery, is scheduled to be heard at 10am on 4 September, according to a Monday (24 August) notice on the Government Gazette.

The application was filed by Dalian Hengli New Energy Sales Co Ltd, a creditor of the company, on 14 August and will be heard at the High Court of Singapore.

In May, it was reported that Hengli Petrochemical International dismissed some employees, with some workers being laid off while others were offered positions in other entities. 

In April, China’s Hengli Group reportedly reorganised the shareholding structure of its Singapore-based trading arm shortly after the United States imposed sanctions on its refinery unit.

On 24 April, US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned China-based independent teapot refinery Hengli Petrochemical (Dalian) Refinery Co Ltd, a unit of Hengli Petrochemical, saying it purchased billions of dollars’ worth of Iranian oil.

The company shifted most of the ownership of Hengli Petrochemical International to Dalian Changxing International Trade, a firm backed by a local Chinese government entity.

The Singapore unit was last reported to be 95% owned by this new shareholder, while Hengli Petrochemical’s Dalian refinery retains a 5% stake. Previously, the refinery had full ownership of the Singapore entity.

It was reported that Hengli Petrochemical denied it has engaged in any trade with Iran. 

The notice stated that 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 undersigned on payment of the regulated charge for the same.

The Applicant’s address is No. 551, Pincui Road, Changxing Island Economic Zone, Dalian Liaoning Province, China.

The Applicant’s solicitors are M/S ASIALEGAL LLC of 1 Coleman Street, #07-02A, The Adelphi, Singapore 179803.

Related: Hengli’s former Singapore trading arm begins staff layoffs ahead of potential May shutdown
Related: Hengli shifts ownership of Singapore trading arm in wake of US sanctions
Related: US sanctions China’s second-largest teapot refinery for purchasing Iranian oil

 

Photo credit: Manifold Times
Published: 26 August, 2026

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