Legal

Vietnam: “BT 99887-TS” detained over 46,000 litres of illegal diesel oil cargo

Fishing vessel bought the diesel oil from an unknown vessel at sea and was delivering the cargo to another location before being caught by authorities.

Published

2 years ago

October 13, 2022

Admin

The Vietnam Coast Guard on Wednesday (12 October) said it has escorted fishing vessel ship BT 99887-TS to the port of Squadron 301 in Vung Tau city for further investigations over an alleged illegal diesel oil cargo.

The fishing vessel was found by a 3rd Coast Guard Region Command patrol about 100 nautical miles southeast of Con Dao about 7:45 a.m. on Sunday (9 October), it said..

Initial inspections discovered the vessel, manned by a crew of five, buying the oil from an unknown vessel at sea; it was delivering the diesel oil to another location before being caught by authorities.

A series of earlier Vietnamese Coast Guard arrests covered by Manifold Times in 2022 are as follows:

Photo credit: Vietnam Coast Guard
Published: 13 October, 2022

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

2 days ago

October 3, 2024

Admin

The 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:

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

3 days ago

October 2, 2024

Admin

The 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:

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

5 days ago

September 30, 2024

Admin

A 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