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Singapore: New Regal Marine sued by CV Star Formula at High Court

16 Aug 2019

Editor: The following article is related to an earlier claim by New Regal Marine Pte Ltd against Martin Chua at the High Court of the Republic of Singapore here.

Batam-based oil trading company CV Star Formula has engaged in a claim against Singapore-based vessel owner, operator and oil trading firm New Regal Marine Pte Ltd at the High Court of the Republic of Singapore in the week ended 11 August.

In June 2019, CV Star Formula filed a claim at the court seeking repayment of approximately SGD 701,900 of debt allegedly owed by New Regal Marine, according to legal documents obtained by Manifold Times.

The statement of claim contained particulars of oil products invoices allegedly made to New Regal Marine, totalling SGD 4.14 million over 24 transactions during 2014.

The term of agreement was New Regal Marine, “would make payment of the invoices in cash and upon delivery of the invoices”, it stated.

According to CV Star Formula, New Regal Marine had already made payment of approximately SGD 3.4 million, leaving an outstanding balance of SGD 701,900 to date.

It added that a letter of demand was sent to New Regal Marine earlier on 29 June 2018, asking for the outstanding balance, but the request was unanswered.

In its reply on July 2019, New Regal Marine denied any contractual dealings with CV Star Formula and claimed that it dealt directly with Martin Chua and/or David Chua as principals instead.

New Regal Marine said that it did not respond to an earlier claim made by CV Star Formula on 29 June 2018 as it allegedly had no contractual dealings with the Indonesian firm.

The Singapore company maintained its position to claim total of SGD 600,000 from Martin Chua in a separate transaction for the purchase of 1,500 metric tonnes (mt) of petrol.

Martin Chua is a director of several bunkering firms in the Republic, including Star Formula Pte Ltd.

Related: New Regal Marine sues bunker boss over alleged unpaid debt

Photo credit: Manifold Times
Published: 16 August, 2019


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