Legal
South African Revenue Service issues media statement on detention of bunkering vessels
Detentions of bunker barges done in the normal course of investigating whether provisions of the Customs and Excise Act have been contravened, says SARS.
Published
1 year agoon
By
AdminThe South African Revenue Service (SARS) on Wednesday (20 September) issued a media statement concerning the detention of five vessels involved in the fuel bunkering supply chain:
From 2016 SARS has been engaging with the fuel industry to encourage compliance with the legislation concerning the importation, the trading in and other operational activities of vessels engaged in the supply of fuel.
Alongside these engagements, SARS has also been conducting investigations around compliance in fuel bunkering, and the detention of the vessels mentioned in the media article is part of this on-going investigation.
SARS confirms that several vessels were detained in terms of the Customs and Excise Act, 91 of 1964. This was done in the normal course of investigating whether the provisions of the Act have been contravened. SARS is of the view that the detention is lawful and, as the investigation is ongoing, no decision to seize such vessels has been taken.
SARS Commissioner Mr Edward Kieswetter said “SARS is obliged to administer the law fairly, without fear, favour or prejudice and to conduct investigations in a responsible manner in accordance with a fair procedure. SARS has no interest in jeopardising economic growth nor of contributing to the problem of unemployment, poverty and inequality.”
The Commissioner implored taxpayers and traders to comply with their tax and Customs obligations. He emphasised that SARS will not hesitate to act firmly and robustly to ensure that non-compliance is hard and costly for those that wilfully and intentionally ignore their obligations. The clarion call to all taxpayers and traders is: “comply or face the consequences”.
Related: ENGINE: Algoa Bay bunkering at a standstill as authority detains barges – sources
Photo credit: steve pb from Pixabay
Published: 21 September, 2023
Sanctions
Panama comes down hard on sanction-evading ships with de-flagging
Panama Maritime Authority will automatically cancel the registration of any vessel found to be involved in illicit activities or that changes its flag in order to evade sanctions.
Published
3 days agoon
October 3, 2024By
AdminThe Panama Maritime Authority (PMA) on Wednesday (30 September) announced that, after an internal investigation, it will automatically cancel the registration of any vessel found to be involved in illicit activities or that changes its flag in order to evade sanctions.
This clarification follows the recent inclusion of seven Panamanian-flagged vessels on the list of the Office of Foreign Assets Control (OFAC).
Panama has adopted a series of strategies to reduce the inclusion of vessels on sanctions lists, including:
Panama has adopted a series of strategies to reduce the inclusion of vessels on sanctions lists, including:
- The monitoring and control section was moved to a protection department that is more aligned with its functions. The Control and Monitoring section was moved from the Department of Navigation and Maritime Safety to the Maritime Ship Protection Department, given its close relationship with international sanctions activities and the surveillance of the merchant fleet.
- In September 2024, the “Panama Flag Precheck Process” was published, a circular that establishes prerequisites for flagging and that allows due diligence to be carried out on the vessel, its owner and its operator.
- Panama signed the Registry Information Exchange Agreement (RISC) to prevent a ship from moving from one registry to another, seeking to commit some type of illicit activity or trying to evade compliance with imposed sanctions.
The General Directorate of Merchant Marine of the AMP is evaluating additional strategic measures that allow for the expeditious cancellation of the Panamanian flag of vessels with proven links to activities that go against national interests, international instruments or the shipping industry in general.
There are legal mechanisms used to cancel the registration of vessels included in sanctions lists, such as the one described in Article 49 of the General Merchant Marine Law 57, which establishes the causes for automatic cancellations, such as the use of the vessel for smuggling, illegal trade and piracy, among other crimes.
The Panamanian Shipping Registry will not negotiate with anyone who wants to use it improperly and will apply the established legal mechanisms to be able to act according to due process and legal certainty.
In January, it was reported that a group of US senators called PMA to investigate and de-flag tankers that are violating US sanctions on the Iranian oil trade.
Citing data from United Against Nuclear Iran (UANI), the letter from the senators to PMA, stated that of the nearly 400 vessels they believe are aiding Iran, the letter reports that nearly half (189) are flagged in Panama.
Photo credit: Luis Gonzalez on Unsplash
Published: 3 October, 2024
Legal
Trial against Hin Leong Trading Founder and children draws to an end
Lim Oon Kuin, also known as O.K. Lim, and his two children have agreed to pay USD 3.5 billion to the liquidators of the troubled oil trading firm but have stated they will apply for bankruptcy.
Published
4 days agoon
October 2, 2024By
AdminThe 50-day trial involving Founder of Hin Leong Trading, Lim Oon Kuin, also known as O.K. Lim, and his two children approached its conclusion with the trio agreeing to pay USD 3.5 billion to the liquidators of the Singapore-based defunct oil trading company Hin Leong Trading, according to The Straits Times on Tuesday (1 October).
The High Court also approved a consent judgement that the Lim family reached with HSBC Holdings which had sued them and Lim’s personal assistant Serene Seng Hui Choo for USD 85.3 million in damages.
Both cases were jointly heard in the High Court.
In the judgement reached by both parties, the family including Lim’s children, Evan Lim Chee Meng and Lim Huey Ching, have to pay the sum of USD 3.5 billion plus interest at 5.33% per annum – from April 2020 to the date of payment – and costs.
However, in written statements, the family stated they do not have enough assets to pay the claimants and will be applying for bankruptcy.
They’ve also said they are not admitting liability for the allegations against them despite consenting to the judgement.
The three were sued in August 2020 by judicial managers PricewaterhouseCoopers Advisory Services for breaching fiduciary duties as directors and fraud. In a court filing, the judicial managers were looking to recover USD 3.5 billion on top of another USD 90 million in dividends which the trio had allegedly paid themselves despite the company being insolvent.
HSBC is reportedly still pursuing its case against Seng, who is unrepresented. A two-day trial on 15 and 16 October is scheduled for HSBC's closing submissions against her to be heard.
Lim is scheduled to be sentenced on 15 October. He faces a jail term of up to 10 years and will also be liable to a fine for each charge of cheating and forgery.
An extensive coverage by Singapore bunkering publication Manifold Times regarding the fall of Hin Leong can be found below:
Related: Singapore: Convicted Hin Leong founder O.K. Lim’s mansion sold for SGD 39.2 mil
Related: Singapore: Convicted Hin Leong founder O.K. Lim to sell another bungalow for SGD 43 million
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Related: Singapore: Lawyers of OK Lim and daughter accuse former PA of lying in her testimony
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Related: Singapore: Hin Leong Trading Founder testifies for the first time in his own defence
Related: Singapore: Hin Leong Trading Founder to testify in USD 111.7 mil cheating, forgery case
Related: Singapore: O.K. Lim, children faces liquidators and HSBC in USD 3.5 bil civil lawsuit
Related: Former PA to Hin Leong Trading Founder found lying in CAD investigations
Related: Singapore: Hin Leong Trading Founder goes to trial for cheating, forgery charges
Related: Hin Leong Trading Founder faces additional 105 cheating, forgery charges in court
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Related: Singapore: Hin Leong Trading Director charged with obstructing course of justice
Related: Court of Appeal: Hin Leong, Lim family claim ‘without any factual or legal basis’
Related: Singapore: High Court dismisses UniCredit Bank USD 37 million claim against Glencore over Hin Leong transaction
Related: Singapore: Hin Leong takes Deloitte to court over alleged auditing failures
Related: Hin Leong Trading Founder OK Lim facing 23 new forgery-related charges at State Courts
Related: Application to wind up Hin Leong Trading subsidiary, Hin Leong Marine approved
Related: Singapore High Court approves Hin Leong Trading wind up order application
Related: Hin Leong Trading liquidates a third of its fleet to recover USD 3.5 billion debt
Related: Lim family aims to wind up Hin Leong Trading subsidiary, Hin Leong Marine
Related: Judicial Managers of Hin Leong Trading Pte Ltd file for winding up order
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Related: Lim family files application to wind up Hin Leong Trading subsidiary, Hin Leong Marine
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Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management
Related: HSBC takes Lim family and Hin Leong employee to court to recover USD 85.3 million
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Related: Hin Leong founder O.K. Lim hit with second charge of abatement in forgery
Related: Hin Leong judicial managers and legal firms could rack up SGD 17.3 million in fees
Related: Winson Group wins ICC backing in dispute against banks over credit for Hin Leong Trading
Related: O.K. Lim and two children sued for USD 3.5billion; receiver appointed for 3 Xihe ships
Related: Managers of Ocean Tankers looking to recover USD 19 million from Lim family
Related: Argus Media: Singapore’s Hin Leong founder charged with forgery
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Related: Xihe replaces Directors, forms new management team to chart fresh course for Group
Related: Hin Leong Trading lawyers publish application to fulfill requirements for hearing to proceed
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Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed
Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL
Related: OCBC files for Xihe Holdings to be placed under judicial management
Related: Judicial managers of Ocean Tankers discover discrepancies and fraud in exposure claims
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Related: PwC probes uncover mass grave of financial skeletons and alleged fraud within HLT
Related: Winson Group seeks SGD 30.4 million from Standard Chartered over HLT related trade
Related: Winson Group seeks SGD 30.4 million from OCBC over credit pull in Hin Leong trade
Related: Ocean Tankers: Notice to prove debt or claim published by interim judicial managers
Related: ‘Reasonable prospects’ to keep Ocean Tankers as a going concern, states Director
Related: Singapore: Ocean Tankers, a separate entity of Hin Leong, seeking judicial management
Related: Singapore High Court concedes interim judicial management to Hin Leong Trading
Related: Sembcorp commences legal proceedings against Hin Leong Trading over gasoil cargo
Related: Sembcorp Cogen aborts gasoil supply and storage contract with Hin Leong Trading
Related: Report: Sinopec expresses interest in Hin Leong Trading stake of Universal Terminal
Related: Report: Hin Leong Trading appoints PwC as interim judicial manager
Related: Singapore’s Police Force commence investigations into Hin Leong Trading
Related: Report: Hin Leong Trading founder gave instructions to hide USD 800 million losses
Related: Singapore: Ocean Bunkering Services to discontinue marine fuel deliveries
Related: Hin Leong in debt restructuring exercise; Ocean Tankers a separate entity, says CEO
Related: Report: Hin Leong Trading finances under scrutiny, amid credit pull from two banks
Photo credit: Manifold Times
Published: 2 October, 2024
Winding up
Singapore: Liquidator of Dong Nan Tankers issues notice of dividend
First interim dividend for the company is payable from 27 September and entitlements will be made either by way of telegraphic transfer or by cheque, according to Government Gazette notice.
Published
6 days agoon
September 30, 2024By
AdminA notice of dividend for Dong Nan Tankers (Pte) Ltd, which is undergoing voluntary liquidation, was published on the Government Gazette on Friday (27 September).
The following are the details of the notice:
Name of Company : Dong Nan Tankers (Pte) Ltd (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 198400896H
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Amount per centum (US$) : 100.00 cents to a dollar of admitted unsecured claims
First and Final or otherwise : First Interim Dividend
When payable : 27 September 2024
Where payable : Entitlements will be made either by way of telegraphic transfer or by cheque, to be collected from the Company’s registered address as above.
Photo credit: Drew Beamer
Published: 30 September, 2024
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