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Societe Generale lawsuit against NewOcean Petroleum dropped, party to counterclaim

‘Directors will on behalf of NewOcean Petroleum seek, apart from legal costs, full compensation of any such loss, by legal action if necessary,’ states parent firm.
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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
 

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Legal

Trafigura subsidiary’s employee named among suspects in Pertamina corruption case

Indonesia’s AGO reportedly named new suspects including the former Business Development Manager at PT Trafigura, the commodities group’s Indonesian subsidiary, who was only identified as “MH”.

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July 16, 2025

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Pertamina

An employee at an Indonesian subsidiary of commodities group Trafigura was named as a suspect among nine people in a corruption case involving state-owned oil giant PT Pertamina, according to several news reports. 

On 10 July, Indonesian Attorney General’s Office (AGO) reportedly named the new suspects including the former Business Development Manager at PT Trafigura, who was only identified as “MH”, in an investigation into alleged mismanagement and corruption between 2018 and 2023 that the AGO has said resulted in losses of Rp285 trillion (USD 17.6 billion) to the state. This is a jump from the previously reported USD 12 billion, which has since been revised by the AGO. 

According to Reuters, Trafigura said the employee has been cooperating with the authorities. 

“We understand that the employee has been recently named a suspect in an investigation involving PT Pertamina,” a Trafigura spokesperson said in an email.

The company added it is providing appropriate legal representation to the employee and is awaiting further details about the specific allegations.

Manifold Times previously reported Singapore-based trading companies were reached out by Indonesian authorities to seek their cooperation in the corruption investigation.

According to several people who received or saw the invitation, who wished to remain anonymous, the oil traders received notices earlier this month, requesting them to assist the office of Indonesia’s Attorney General by providing answers on overall governance and past transactions. 

Related: Indonesia seeks cooperation of Singapore traders in USD 12 billion Pertamina probe

 

Photo credit: Pertamina
Published: 16 July 2025

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Winding up

Singapore: Somerset Maritime Pte Ltd to undergo voluntary wind up, selects liquidator

Creditors are required on or before 9 August 2025 to send in their names and addresses with particulars to liquidator at 18 Robinson Road, #20-02 18 Robinson, Singapore 048547.
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3 days ago

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July 15, 2025

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Singapore-registered Somerset Maritime Pte Ltd and related companies will voluntarily wind up following an Extraordinary General Meeting on 30 June, according to a Government Gazette notice published on Thursday (10 June).

In August 2020, HSBC reportedly arrested two product tankers owned by Somerset Maritime over cargo claims totalling USD 6 million. HSBC filed cargo claims worth USD 3 million against each vessel.

The resolutions set out below were duly passed:

SPECIAL RESOLUTIONS

  • VOLUNTARY WINDING UP

RESOLVED THAT the company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (“IRDA”).

  • POWER OF LIQUIDATOR

RESOLVED THAT the Liquidator be authorised to exercise any of his power given by Section 177 of the IRDA and to distribute to member(s) either in cash or in specie any part or all of the surplus assets of the Company, if any.

ORDINARY RESOLUTION

  • APPOINTMENT OF LIQUIDATOR

RESOLVED THAT Mr Junichi Naganawa be and is hereby appointed Liquidator for the purpose of winding up the affairs of the Company and distributing the assets, if any and that his remuneration be fixed on the usual scale of his professional charges for the work involved.

In another notice, the liquidator of the company said creditors are required on or before 9 August 2025 to send in their names and addresses with particulars (if any) to liquidator at 18 Robinson Road, #20-02 18 Robinson, Singapore 048547.

The liquidator may require creditors or their solicitors to “come in and prove their said debts or claims at such time and place as shall be specified in such notice or in default thereof, they will be excluded from the benefit of any distribution made before such debts are proved.”

 

Photo credit: steve pb from Pixabay
Published: 15 July, 2025

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Incident

India: MSC faces USD 1.1 billion lawsuit from Kerala state over “MSC ELSA 3” bunker spill

Reports noted approximately 84 mt of diesel and 376 mt of fuel oil on board the stricken vessel when it sank carrying 643 boxes.
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1 week ago

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July 9, 2025

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MSC Elsa 3 MT

Swiss-based Mediterranean Shipping Company (MSC) is reportedly facing a USD 1.1 billion lawsuit from India’s southern state of Kerala which is seeking compensation over marine fuel leaked from MSC ELSA 3 into the Arabian Sea in May.

The High Court of Kerala on Monday (7 July) ordered authorities to seize containership MSC Akiteta II which was anchored in Vizhinjam Port until securities for the claim amount are deposited.

The 1,700 TEU capacity containership MSC ELSA 3 was sailing from Vizhinjam to Kochi when failure in its ballast management system caused it to sink on 25 May about 13 nautical miles off the coast of Kerala.

Reports noted approximately 84 metric tonnes (mt) of diesel and 376 mt of fuel oil on board the stricken vessel when it sank carrying 643 boxes.

 

Photo credit: Indian Ministry of Defence
Published: 9 July 2025

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