Legal

Singapore: High Court grant HSBC’s request to place Zenrock under judicial management

In May, HSBC filed an affidavit accusing Zenrock of being involved in fraudulent deals whereby it used the same cargo as collateral to secure loans from multiple banks.

Published

4 years ago

July 17, 2020

Admin

The Singapore High Court on Monday (13 July) granted HSBC bank’s request to place Zenrock Commodities Trading Pte Ltd under judicial management after a hearing, according to the notice published by the Government Gazette on Thursday (16 july).

HSBC had filed an affidavit requesting for Zenrock to be placed under judicial management, a form of debt restructuring, on 4 May 2020.

In the filing, HSBC accused Zenrock of being involved in fraudulent deals whereby the company used the same cargo as collateral to secure loans from multiple banks, reported Bloomberg.

HSBC have purportedly recommended KPMG LLP to take on the role as judicial managers.

Related: Singapore: Troubled Zenrock Commodities rumoured to be winding down in August
Related: Zenrock assents to HSBC’s application for it to be placed under judicial management
Related: Update: Hearing date set for HSBC application to place Zenrock under judicial management
Related: HSBC accuses Zenrock of fraudulent dealings, files for legal action amid credit concerns

Photo credit: HSBC
Published: 17 July, 2020

Winding up

Singapore: High Court to hear oil trader Hontop Energy winding up application

Application for the winding up of Hontop Energy (Singapore) Pte Ltd was filed by joint and several judicial managers of the company on 30 October, according to Government Gazette notice.

Published

11 hours ago

December 2, 2024

Admin

An application for the winding up of Hontop Energy (Singapore) Pte Ltd was filed by joint and several judicial managers of the company on 30 October, according to Friday (29 November) notice on the Government Gazette.

It noted the winding up application is directed to be heard before the Judge sitting in the General Division of the High Court at 10am on 21 January.

Hontop Energy was one of four Singapore-based trading companies to have collapsed in 2020, together with oil traders Hin Leong and Zenrock and coal trading firm Agritrade. Hontop, which went into receivership in February, is fully owned by Chinese private-sector firm Wanda whose group assets include the 100,000 b/d Tianhong independent refinery in Shandong province.

It was previously reported that the High Court of Singapore approved Malaysian bank CIMB’s application for Hontop Energy, the trading arm of Chinese independent refiner China Wanda Holding Group Co Ltd, to be placed under judicial management.

According to the filing at the time, CIMB is looking to recover USD 105 million that it has lent to the company and Hontop owes approximately USD 470 million to seven creditors.

Lin Yueh Hung and Oon Su Sun of RSM Corporate Advisory Pte Ltd were nominated to act as the judicial managers.

According to the Government Gazette notice, 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 8 Wilkie Road #03-08 Wilkie Edge, Singapore 228095.

The Applicant's solicitors are Rajah & Tann Singapore LLP of 9 Straits View #06-07 Marina One West Tower, Singapore 018937.

Note: Any person who intends to appear on the hearing of the winding up application must serve on or send by post to the abovenamed RAJAH & TANN SINGAPORE LLP, the Claimant’s Solicitors, notice in writing of his intention to do so. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person, firm, or his or their solicitor (if any). Unless otherwise directed by the Court, the notice must be served and, if sent by post, must be posted in such sufficient time as in the ordinary course of post to reach the abovenamed at least 3 clear working days before 20 January 2025 (the day before the day appointed for the hearing of the application).

Related: Hontop Energy placed under judicial management over fraudulent conduct accusations
Related: Hearing date set for Hontop Energy to be placed under judicial management
Related: CIMB requests for Hontop Energy restructuring amid suspicious transactions with BP
Related: Argus Media: Hontop Energy fraud allegations add to Singapore trading woes
Related: BP Singapore oil traders on leave over being named in Hontop Energy fraud allegations

Photo credit: Manifold Times
Published: 2 December, 2024

Business

Shell MGO bunker heist: Bunker clerk pleads guilty to helping Sentek acquire misappropriated fuel

Wong Wai Meng, who received more than USD 286,000 from Sentek Marine & Trading for his assistance, pleaded guilty to 12 counts of intentionally helping the firm acquire the misappropriated marine gas.

Published

11 hours ago

December 2, 2024

Admin

A bunker clerk, Wong Wai Meng, who received more than USD 286,000 (SGD 384,681) from Singapore-based Sentek Marine & Trading (Sentek) for his assistance, pleaded guilty to 12 counts of intentionally helping the company acquire misappropriated marine gas oil, The Straits Times reported on Friday (29 November).

The 58-year-old Singaporean was employed at the Sentek when he assisted in acquiring more than 28,000 metric tonnes (mt) of the misappropriated fuel worth USD 13.58 million (SGD 18.26 million).

Wong committed the offences over 46 occasions between August 2014 and December 2017.

Wong is among the three bunker clerks previously employed by Sentek, who were charged for offences under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA) and the Prevention of Corruption Act (PCA).

Another bunker clerk among the three charged, Wong Kuin Wah, 61, was sentenced to seven years and six months’ jail on 18 November for his role in misappropriating more than 27,000 tonnes of gas oil worth around USD 12.8 million (SGD 17.2 million).

The third individual who was charged, Boo Pu Wen, reportedly passed away in July 2023 and had his charges abated following his death, meaning Boo’s court proceedings over his 19 charges at the time came to an end.

Former Shell employees, who were key members of a group who dishonestly misappropriated fuel from Shell Pulau Bukom, were sentenced to jail in court earlier.

Earlier coverage of developments by Manifold Times regarding the Shell MGO bunker heist can be found below:

Photo credit: Katrin Bolovtsova
Published: 2 December, 2024

Winding up

High Court of Singapore issues winding up order against ANR Shipping

Yew Choon Pte Ltd filed a winding up application against ANR Shipping (S) on 30 October; creditors of ANR Shipping (S) should file their proof of debt with the liquidators.

Published

4 days ago

November 28, 2024

Admin

The High Court of Singapore on Friday (22 November) issued a winding up order to ANR Shipping (S) Pte Ltd, according to a 27 November notice on the Government Gazette.

The winding up application was filed by Yew Choon Pte Ltd on 30 October.

According to ANR Shipping website, ANR Shipping (S) Pte Ltd is under the ANR Group of Companies. The services offered by the Group include vessel chartering and tug and barge services.

The winding up order also included the following names and address of the joint and several liquidators:

DON HO MUN-TUKE
HO CHJUEN MENG, DAVID DONALD
BOTH CARE OF DHA+ PAC
63 Market Street
#05-01A
Bank of Singapore Centre
Singapore 048942

All creditors of ANR Shipping (S) should file their proof of debt with the liquidators who will be administering all affairs of the company.

Related: Singapore: High Court to hear ANR Shipping winding up application on 22 November

Photo credit: Sora Shimazaki
Published: 28 November, 2024