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Singapore: Sale of GP Global APAC’s SGD 8.5 million Suntec office to be discussed at upcoming court hearing

05 Mar 2021

Legal representatives of bunker supplier Equatorial Marine Fuel Management Services Pte Ltd (EMF) and GP Global APAC Pte Ltd will be meeting at the High Court of the Republic of Singapore on Tuesday (9 March) to discuss the seizure and sale of the latter’s Singapore office for the repayment of EMF’s debts, according to documents obtained by Manifold Times from the court.

The Singapore court on 6 October 2020 issued a judgement in favour of EMF, ordering GP Global APAC to pay a principal sum of USD 705,594.45, a compound interest of 2% from 27 July 2020 (USD 33,890.14) and costs of SGD 4,000 over an unpaid delivery of marine fuel.

EMF, among the first entities to pursue legal action against GP Global APAC, was seeking payment for 2,799.974 metric tonnes (mt) of low sulphur marine gas oil (LSMGO) supplied to Woodside Rees Withers at Singapore port on 23 and 24 June 2020.

However, GP Global APAC has yet to repay EMF; leading the bunker supplier to successfully file an application on 6 January 2021 to enforce the earlier court judgement via a seizure and sale of GP Global APAC’s Singapore office situated at Suntec Tower Three.

The development has led to Roderick John Sutton, the Chief Restructuring Officer and sole Director of GP Global APAC, filling an affidavit to the Singapore court on 1 March to withhold the sale of GP Global APAC’s Singapore office by the court.

Sutton explained GP Global APAC has applied for a moratorium on 4 February and the office could potentially fetch an amount of SGD 8.5 million when sold in the private market, where a potential buyer has already been found.

He suggested monies from the asset sale could be paid into an escrow account and held on trust for inter alia GP APAC’s creditors including EMF.

“I verily believe that a forced sale of the Property pursuant to the Sheriff’s public auction is unlikely to recover similar or better proceeds than the S$8.5 million the current Purchaser has agreed to pay for the Property,” he said.

“Instead, the Sheriff’s auction will be seen as a distressed sale, which is likely to attract bids below the fair market value of the Property.”

A list of earlier coverage regarding GP Global can be found below:

Related: GP Global APAC acts to prevent minority creditors ‘stealing a march’ over others
Related: GP Global APAC files for six-month debt moratorium with Singapore High Court
Related: Argus Media: GP Global asset sale talks drag on valuation gap
Related: ExxonMobil Asia Pacific takes GP Global APAC to court over USD 2.8 million bunker claim
Related: Restructuring advisor flags up ‘accounting irregularities’ in GP Global books
Related: Gulf Petrol Supplies files complaint against GP Global unit for fraudulent behavior
Related: Second arrest warrant issued for GP Global’s ‘GP B3’ over outstanding bills from creditors
Related: GP Global considering sale of assets in an effort to repay creditors
Related: GP Global tanker ‘GP B3’ detained in India due to loan defaults with creditors
Related: Argus Media: GP Global clarifies that it has shut only lesser performing trading desks
Related: Argus Media: GP Global rules out asset sales in restructuring
Related: GP Global engages restructuring specialists following credit pull and internal fraud
Related: GP Global internal investigations reveal Sharjah and Fujairah staff involved with fraud
Related: GP Global repudiates rumours and proceeds with restructuring as strategic move

 

Photo credit: Manifold Times
Published: 5 March, 2021

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