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Singapore: Liquidators seek to wind up Panoil Petroleum at High Court

30 Apr 2019

Three liquidators have initiated company winding up proceedings against former Singapore bunker supplier Panoil Petroleum Pte Ltd and its logistics arm Panoil Logistics Pte Ltd at the High Court of the Republic of Singapore on Tuesday (30 April) morning.

The liquidators include Chee Yoh Chuang, Senior Partner, Restructuring & Forensics, Corporate Advisory and Lin Yueh Hung, Partner, Restructuring & Forensics; they are both from RSM Chio Lim LLP.

Abuthahir Abdul Gafoor, Executive Director of AAG Corporate Advisory, is the remaining liquidator.

Panoil Petroleum and its five other associated companies, namely Panoil Tankers Pte Ltd, Panoil Shipping Pte Ltd, Panoil Marine Pte Ltd, Pan Energy Pte Ltd, and Panoil Logistics Pte Ltd., were placed under judicial management during October 2, 2017.

Panoil Petroleum’s bunker supplier license was not renewed by the Maritime and Port Authority of Singapore (MPA) when it expired on August 31, 2017 due to unauthorised alterations being made on the pipelines of the bunker tankers between the Mass Flow Meters (MFM) and the flow boom.

The alterations allow bunker fuel that have been measured by the MFM to be siphoned out and undermines the accuracy of the readings from the MFM system, according to the MPA.

Its bunker craft operator licence was earlier revoked by the port authority on 15 August, 2017.

Photo credit: Manifold Times
Published: 30 April, 2019


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