Legal representatives of United Overseas Bank Limited and Searights Maritime Services Pte Ltd met at the High Court of the Republic of Singapore on Tuesday (30 March) to seek approval for the discharge of liquidators, according to court documents obtained by Manifold Times.
The development* signals the completion of liquidation operations for defunct Singapore bunkering firm Searights Maritime Services.
Court documents shared with the Singapore bunkering publication indicated the total amount owed by Searights to UOB to be the sums of USD 94.3 million (exact: USD 94,290,478.88) and SGD 24.8 million) (exact: SGD 24,832,219.43) as at 31 October 2016.
Searights’ previous creditors include Monjasa Pte Ltd who was claiming a total of USD 1.8 million (exact: USD 1,795,128.05) on 4 July 2016 for three bunker deliveries; they are 4,996 mt of RMG to MT Giselle on 21 January 2016, 4,790 mt of RMG to MT Fair Deal on 28 January 2016, and 4,976 mt of RMG to MT Poseidon on 4 February 2016.
Vitol Asia Pte Ltd was seeking payment of USD 7.7 million (exact: USD 7,672,361.48) as of 26 August 2016, and Searights allegedly owed Gulf Petrochem Pte Ltd USD 386,627.90 as at 22 June 2016.
Searights took 12th position on the Maritime and Port Authority of Singapore (MPA) top bunker suppliers by volume list in 2015.
The company’s bunkering operations took a downturn after the death of its former CEO Cecil Cheong in November 2015.
*Upon the completion of the liquidation, the liquidator applies to the Court for the company to be dissolved and to be released as liquidator where it discharges the liquidator from all liability in respect of his conduct in the course of winding up. [Source: Ministry of Law – Insolvency Office]
Photo credit: Manifold Times
Published: 1 April, 2021
Firm hopes to leverage partnership in Greece as a springboard to expand into neighbouring and overseas markets including Europe and China, says Robin Van Elderen, Regional Head Bunkers, Europe, Sing Fuels.
Singapore can help less developed countries in SouthEast Asia through ‘piloting and scaling fuels and technology as well as a leading hub for green finance’, said DNV Group President and CEO Remi Eriksen.
Octamar™ Ultra HF, Octamar™ Complete, and Octamar™ F35C were found to have improved the fuel economy while reducing exhaust gas and other emissions of marine engines in a series of trials, states report.
Disposal of evidence has resulted in Singapore not being able to provide full details to the United Nationals Panel of Experts which sought information regarding the case, says Ministry of Foreign Affairs.
‘We are proud to be amongst the first to show the successful steps taken by Singapore’s bunkering ecosystem to remain forward thinking and relevant,’ Choong Sheen Mao, Director of EMF, tells Manifold Times.
‘With the launch of a common data infrastructure, Kenoil aims to continue achieving an end to end visibility and transparency on the bunker data supply chain,’ states Kenoil Managing Director.