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Singapore: Gulf Petrochem FZC seeks USD 4.97 million repayment from Prime Oil Trading Pte Ltd

25 May 2023

The Chief Restructuring Officer of UAE-based Gulf Petrochem FZC on 3 April 2023 submitted a statement of claim against Singapore-based Prime Oil Trading Pte Ltd to the General Division of The High Court of the Republic of Singapore, according to court documents obtained by Manifold Times.

The USD 4.97 million [exact: USD 4,973,658.10] claim was regarding sales of low sulphur fuel oil (LSFO) from Gulf Petrochem to Prime Oil Trading on 24 February 2020 which was due for payment on 23 June 2020 after a 120-day credit period.

“To date, despite repeated demands from the Claimant, the Defendant has failed, refused and/or neglected to make payment to the Claimant,” stated the Chief Restructuring Officer.

Gulf Petrochem in January 2018 rebranded itself to GP Global.

A list of earlier coverage regarding GP Global can be found below:

Related: Singapore: Former GP Global APAC senior staff makes SGD 525,000 remuneration claim against employer
RelatedSingapore High Court approves GP Global APAC’s debt moratorium application
Related: Singapore: Sale of GP Global APAC’s SGD 8.5 million Suntec office to be discussed
Related: GP Global APAC acts to prevent minority creditors ‘stealing a march’ over others
Related: GP Global APAC files for six-month debt moratorium with Singapore High Court
Related: Argus Media: GP Global asset sale talks drag on valuation gap
Related: ExxonMobil Asia Pacific takes GP Global APAC to court over USD 2.8 million bunker claim
Related: Restructuring advisor flags up ‘accounting irregularities’ in GP Global books
Related: Gulf Petrol Supplies files complaint against GP Global unit for fraudulent behavior
Related: Second arrest warrant issued for GP Global’s ‘GP B3’ over outstanding bills from creditors
Related: GP Global considering sale of assets in an effort to repay creditors
Related: GP Global tanker ‘GP B3’ detained in India due to loan defaults with creditors
Related: Argus Media: GP Global clarifies that it has shut only lesser performing trading desks
Related: Argus Media: GP Global rules out asset sales in restructuring
Related: GP Global engages restructuring specialists following credit pull and internal fraud
Related: GP Global internal investigations reveal Sharjah and Fujairah staff involved with fraud
Related: GP Global repudiates rumours and proceeds with restructuring as strategic move


Photo credit: Manifold Times
Published: 25 May, 2023

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