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Singapore: MB Marine takes former shareholder to court over purported USD 250,000 loan disagreement

04 Nov 2022

Singapore-based oil trading firm MB Marine Pte Ltd and former shareholder Chew Hoe Soon (Bernard) in late October each submitted a Notice of Appeal to a Judge at the General Division of The High Court contesting against an earlier decision.

The appeals relate to an earlier Order issued on 17 October instructing MB Marine’s 10 March 2022 claim against Bernard to be struck out with costs of SGD 10,000 paid to him.

MB Marine’s claim alleges Bernard of not returning a USD 250,000 company loan issued on 19 April 2018, according to court documents obtained by Singapore bunkering publication Manifold Times.

Bernard which signed the cheque says he was not the recipient and claims the monies was actually a loan from MB Marine to a mutual friend, who was also an undischarged bankrupt, of Bernard and Martin Chua (the current Director of MB Marine).

He further mentioned the purported loan of USD 250,000 has already been raised and sorted out in a 2019 suit between Golden Star Marine Pte Ltd and Star Formula Marine Services Pte Ltd which concluded on April 2021 while pointing out it would be an estoppel* should the court accept Martin’s current claim.

*Estoppel is a judicial device in common law legal systems whereby a court may prevent or “estop” a person from making assertions or from going back on his or her word; the person being sanctioned is “estopped”. [Link]

Related: Golden Star Marine wins legal suit against Star Formula Marine Services in Vietnam bunker project dispute

 

Photo credit: Manifold Times
Published: 4 November, 2022

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