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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: Final meetings scheduled for Flores Shipping and related companies

Other companies involved in the matter are Lombok Shipping and PACC Banda; meetings will be held at 600 North Bridge Road, #05-01 Parkview Square, Singapore 188778.

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The final meetings of members of Flores Shipping Pte Ltd and related companies, have been scheduled to take place on 14 April, according to the company’s liquidators on a notice posted on Friday (14 March) on the Government Gazette.

The other companies involved in the matter are Lombok Shipping Pte Ltd and PACC Banda Pte Ltd. 

The meetings will be held at 600 North Bridge Road, #05-01 Parkview Square, Singapore 188778 at the following times: 

  • Flores Shipping: 9am 
  • Lombok Shipping: 9.30am
  • PACC Banda: 10am

The meetings will be held 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 company disposed of and of hearing any explanation that may be given by the liquidators.

The details of the liquidators are as follows:

Victor Goh
Khor Boon Hong
Marie Lee
Joint Liquidators
C/o Baker Tilly
600 North Bridge Road
#05-01 Parkview Square
Singapore 188778

Note: Pursuant to Section 181 of the Companies Act 1967, a member entitled to attend and vote at this meeting is entitled to appoint another person or persons as his/her proxy to attend and vote in his/her stead. Proxies to be used at the meeting must be lodged at the Office of the Liquidators not later than 48 hours before the meeting.

Related: Singapore: Flores Shipping and related companies to undergo members’ voluntary liquidation

 

Photo credit: Benjamin-child
Published: 17 March, 2025

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Winding up

Singapore: Annual general meetings scheduled for Xihe Holdings subsidiaries

Annual general meetings will be held electronically between 26 to 27 March for Da Guang Tankers Pte Ltd, Dafa Shipping Pte Ltd, Dong Jiang Tankers Pte Ltd, and Xin An Shipping Pte Ltd.

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RESIZED Drew Beamer

Several notices were published on the Government Gazette on Wednesday (12 March) regarding the annual general meetings to be held by electronic means between 26 to 27 March for Xihe Holdings subsidiaries, namely Da Guang Tankers Pte Ltd, Dafa Shipping Pte Ltd, Dong Jiang Tankers Pte Ltd, and Xin An Shipping Pte Ltd. 

Annual general meetings for Da Guang Tankers are to be held on 27 March at the following times:

For the company: 3 pm
For the creditors: 4pm

Annual general meetings for Dafa Shipping are to be held on 26 March at the following times:

For the company: 2pm
For the creditors: 3pm

Annual general meetings for Dong Jiang Tankers are to be held on 26 March at the following times:

For the company: 10.00 am
For the creditors: 11.00 am

Annual general meetings for Xin An Shipping are to be held on 27 March at the following times:

For the company: 10.00 am
For the creditors: 11.00 am

The agenda for all the meetings are:

  • To receive an update on the liquidation.
  • 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

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

Related: Singapore: Additional Xihe Holdings subsidiaries to be placed under judicial management
Related: JMs: First creditors meeting of Xihe Holdings subsidiaries to be held in January 2021

 

Photo credit: Drew Beamer
Published: 13 March, 2025

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Winding up

Singapore: Meeting of company and creditors scheduled for Ruchira Ships Limited

Meeting will be held at 12 Marina View, #15-01 Asia Square Tower 2, Singapore 018961, on 11 April at 10 am, according to Government Gazette notice.

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A meeting of the company and creditors for Marshall Islands-registered Ruchira Ships Limited has been arranged by its liquidator, a notice posted on the Government Gazette on Tuesday (11 March). 

The meeting will be held at 12 Marina View, #15-01 Asia Square Tower 2, Singapore 018961, on 11 April at 10 am.

The meeting will be 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 company disposed of and to hear any explanation that may be given by the liquidator. 

The details of the liquidator are as follows:

Toh Ai Ling
Joint and Several Liquidator
c/o KPMG Services Pte. Ltd.
12 Marina View #15-01
Asia Square Tower 2
Singapore 018961

Manifold Times previously reported the High Court of Singapore issuing a winding up order to Ruchira Ships Limited early last year. 

The winding up order against Marshall Islands-registered Ruchira Ships Limited was filed by United Overseas Bank Limited (UOB) on 27 October 2023.  

Related: Singapore: Ruchira Ships Limited winding up application to be heard on 12 January
Related: Singapore: High Court issues winding up order to Ruchira Ships Limited

 

Photo credit: steve pb from Pixabay
Published: 12 March, 2025

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