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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: Notices of intended dividend issued for Xihe Holdings subsidiaries

Creditors of the companies will have to submit proof of debt to the liquidators of Da Xin Tankers, Dong Fang Shipping & Trading, Dong Ya Tankers and Nan King Maritime.

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RESIZED Jo_Johnston from Pixabay

Notices to declare intended dividend of Xihe Holdings Pte Ltd subsidiaries Da Xin Tankers (Pte) Ltd, Dong Fang Shipping & Trading (Pte) Ltd, Dong Ya Tankers (Pte) Ltd and Nan King Maritime (Pte.) Ltd to their creditors have been posted on the Government Gazette on Wednesday (6 November).

According to the notices, the last day for creditors of the companies to submit proof of debt to the liquidators is at 5pm on 20 November by email to [email protected]

The following are the details of the liquidators:

Paresh Tribhovan Jotangia and Ho May Kee
c/o Grant Thornton Singapore Private Limited
8 Marina View
#40-04/05 Asia Square Tower 1
Singapore 018960

 

Photo credit: Jo_Johnston from Pixabay
Published: 7 November, 2024

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Winding up

Singapore: Lal Offshore Marine posts intention to declare dividend

Creditors will need to submit proofs to liquidators of Lal Offshore Marine by 18 November 2024, according to Government Gazette notice on 1 November.

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RESIZED Drew Beamer

A notice of intention to declare dividend of Lal Offshore Marine Pte. Ltd. (Co. Reg. No. 200513692G) to its creditors has been posted according to a Friday (1 November) notice from the Government Gazette.

Name of Company: Lal Offshore Marine Pte. Ltd. (In Liquidation)
Address of Registered Office : 600 North Bridge Road, #23-01 Parkview Square, Singapore 188778
Last Day of Receiving Proofs : 18th day of November 2024
Names of Liquidators : Leow Quek Shiong, Gary Loh Weng Fatt
Address of Liquidators : c/o BDO Advisory Pte. Ltd., 600 North Bridge Road, #23-01 Parkview Square, Singapore 188778

According to a The Straits Times report in February 2023, Vignish Vijelal, former director of a shipbuilding company, Lal Marine & Construction (LMC), was sentenced to five years’ jail, after he cheated a financing firm, Capital March Platform (CMP), of over $1.3 million by using 10 fake invoices.

Each invoice was accompanied by a work order purportedly between LMC and offshore structure builder Keppel Fels. However, there was no contract between LMC and Keppel Fels in relation to the painting and blasting works stated on the 10 work orders.

Instead, for each of the 10 LMC work orders, there was a corresponding genuine work order between another firm – Lal Offshore Marine (LOM) – and Keppel Fels.

LOM was the sister company of LMC at the time of the offences, and Vignish and his father were directors at LOM.

 

Photo credit: Drew Beamer
Published: 4 November, 2024

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Winding up

Singapore: Notice of dividend issued for Xin Dun Shipping, Xin Sheng Shipping

First interim dividend to creditors payable from 18 October 2024; creditors can collect claim from liquidator’s office situated at 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960.

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RESIZED Jo_Johnston from Pixabay

A notice was published in the Government Gazette on Monday (21 December), regarding the first interim dividend to creditors of Xin Dun Shipping Pte Ltd and Xin Sheng Shipping Pte Ltd. 

The following are details of the notice of dividend of Xin Dun Shipping:

Name of Company : Xin Dun Shipping (Pte) Ltd (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 199003657Z
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Amount per centum (US$) : 100.00 cents to a dollar of admitted unsecured claims
First and Final or otherwise : First Interim Dividend
When payable : 18 October 2024
Where payable : Entitlements will be made either by way of telegraphic transfer or by cheque, to be collected from the Company’s registered address as above.

The following are details of the notice of dividend of Xin Sheng Shipping:

Name of Company : Xin Sheng Shipping (Pte) Ltd (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No.: 199004277D
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Amount per centum (US$) : 22.00 cents to a dollar of admitted unsecured claims
First and Final or otherwise : First Interim Dividend
When payable : 18 October 2024
Where payable : Entitlements will be made either by way of telegraphic transfer or by cheque, to be collected from the Company’s registered address as above.

 

Photo credit: Jo_Johnston from Pixabay
Published: 21 October 2024

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