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

15 Aug 2019

A hearing involving Singapore-based vessel owner, operator and oil trading firm New Regal Marine Pte Ltd and Martin Chua Lee Siong, the director of several local bunkering firms including Star Formula Pte Ltd and MB Marine Pte Ltd, was heard at the High Court of the Republic of Singapore in the week ended 11 August.

Allegation of Raymond Luah

In April 2019, Raymond Luah, the shareholder of New Regal Marine, claimed Chua sold him 1,500 metric tonnes (mt) of petrol for SGD 600,000 on or about 23 December 2014, according to court documents obtained by Manifold Times.

Following this, Chua later sent a representative to collect three cheques valued at SGD 200,000 each from Luah.

After collection of the cheques, Chua alleged that the total SGD 600,000 was payment for another matter. Further, the cargo of 1,500 mt of petrol was not delivered to Luah as Chua claimed he was robbed and unable to pay his supplier.

Allegation of Martin Chua

In his reply in May 2019, Chua claimed he did not agree to sell Luah 1,500 mt of petrol for SGD 600,000 and acknowledged that the cheques received was for payment of a separate matter that was mutually agreed during a discussion at Luah’s office in December 2014, noted court documents.

Luah allegedly earlier bought SGD 4.14 million worth of oil products from an Indonesian firm named CV Star Formula between 2013 to 2014; and had made payment of SGD 2.84 million, leaving an outstanding balance of SGD 1.30 million.

The disputed SGD 600,000 was for payment of Luah’s outstanding balance of SGD 1.30 million with CV Star Formula, claimed Chua, adding Luah still owes the company approximately SGD 701,900 to date.

Photo credit: Manifold Times
Published: 15 August, 2019

 

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