A legal suit from the Singapore branch of Societe Generale at the High Court of the Hong Kong Special Administrative Region against bunkering firm NewOcean Petroleum Company Limited (NewOcean Petroleum) has been dropped by the court, informed Hong Kong-listed parent NewOcean Energy Holdings Limited (NewOcean Energy) on Tuesday (22 October).
“On the joint application of the Plaintiff and NewOcean Petroleum pursuant to Order 42 rule 5A of the Rules of the High Court (Chapter 4A of the Laws of Hong Kong) the High Court has today ordered that the proceedings against NewOcean Petroleum under the Writ (as re-amended) be discontinued with costs to NewOcean Petroleum,” stated NewOcean Energy.
“By law and also by virtue of certain undertakings given by the Plaintiff to the court in related to the proceedings, NewOcean Petroleum will be entitled to compensation for the loss incurred arising from the proceedings.
“In view of the lack of merits of the Plaintiff’s claim as stated in the First Announcement, the Directors will on behalf of NewOcean Petroleum seek, apart from legal costs, full compensation of any such loss, by legal action if necessary.”
NewOcean Energy on 14 October said it will “vigorously contest” the legal suit from Societe Generale which sought to claim USD 20.5 million from NewOcean Petroleum due to a “constructive trustee” relationship with Pacific Dragon (Hong Kong) Energy Limited (Pacific Dragon), a company identified as Daisho Microline Holdings Limited (DMHL).
Societe Generale was seeking claims including allegations of conspiracy to defraud, breach of deed of assignment, breach of trade finance facility, breach of corporate guarantee and breach of personal guarantee from several defendants including Pacific Dragon and DMHL.
Manifold Times earlier reported DMHL’s Chairman to be also the alleged director of Inter-Pacific Petroleum Pte Ltd (IPP) and its parent company Inter-Pacific Group Pte Ltd (IPG) – firms which have filed for interim judicial management on 16 August at the High Court of the Republic of Singapore.
Significant and verifiable liabilities of IPP totalled USD 181.63 million consisted of trade financing from SocGen with an outstanding amount of USD 96.3 million, MayBank banking facilities of USD 69.8 million, account payables of USD 2.43 million to 10 players, and others.
The bunker craft operator licence of IPP was revoked by the Maritime and Port Authority of Singapore (MPA) on 15 October.
Former crew members of a Singapore-flagged bunker tanker (IMO 9199701) chartered by IPP, now renamed as Fragrance, are in the middle of trials at the State Courts of Singapore over tampering of a mass flowmeter.
Related: NewOcean Petroleum to ‘vigorously contest’ against Societe Generale lawsuit
Related: MPA revokes Inter-Pacific Petroleum bunker craft operator licence
Related: Magnets on MFMs: Trial starts for former bunker clerk of “Consort Justice”
Related: First suspect charged over MFM tampering in landmark case
Related: With nearly $180 million of debt, IPP proposes interim juridical management
Related: Magnets on MFMs: “Consort Justice” crew pleads ‘not guilty’ to tampering charge
Related: IPP responds to temporary suspension of bunker craft operator licence
Related: MPA temporarily suspends IPP bunker craft operator licence
Related: Singapore: Bunker Cargo officer, crew face charges over alleged MFM tampering
Photo credit: Wpcpey [CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)]
Published: 23 October, 2019
Lim Oon Kuin now faces a total of 130 charges; bail amount has been increased to S$4 million due to increased amount of players and outstanding sums.
Meeting arranged by liquidator will take place on 27 May 2022 at 10.00 am at 6 Shenton Way, OUE Downtown 2, #33-00, Singapore 068809.
Vessels earlier detained in February 2019; four more remain under detention by Indonesian authorities.
About 3,600 mt of 380 cSt grade supplied to M/V Mount Kinabalu alleged to be of ‘unsatisfactory quality’, according to court document.
A meeting of its creditors has been organised to take place on 27 July 2022, a date within one month of the date of the Statutory Declaration.
Meeting will be held 17 October 2022 at 9.30 am at 600 North Bridge Road, #05-01 Parkview Square, Singapore 188778, according to Government Gazette notice.
Digitalisation makes it easier for shipowners to conform to growing external regulations such as new sulphur regulations and ‘no scrubber’ zones; operators can identify better bunkering options to reduce costs.
‘We’ll start the application [to MPA] before the end of 2022 and hopefully to receive approval within six months or sooner,’ L. Y. Hwang, Director / General Manager of Oval Asia Pacific Pte Ltd, tells Manifold Times.
Rob Ashton, Market Manager of Infineum, explains how Infineum B402 is a relatively easy way for a ship operator to positively influence a vessel’s CII rating while improving its bunker fuel consumption performance.
Eventual adoption of Digital Bunker Document Standard speeds up interoperability between stakeholders from both public and private sectors, learns Singapore bunkering publication Manifold Times.
ISO delegates represented seven countries and were in Singapore to attend a three-day meeting of ISO WG13 to develop two new ISO bunkering standards, learns Singapore bunkering publication Manifold Times.
Cai Zhi Zhong received a total of about USD 1.3m to USD 1.6m, of which he saved a portion and spent the rest, including on property, cars and watches, according to court documents obtained by Manifold Times.
