Singapore-based oil trading firms Winson Group and ZenRock Commodities both made separate statements to abate any doubts over their financial stability due to the recent Hin Leong Trading (HLT) debacle, reports Bloomberg.
Winson Group allegedly stated the company did not have any ongoing accounts with HLT in an emailed statement to the news agency.
The same email also supposedly states that the company has been able to meet all obligations and deadlines to banks and creditors.
Similarly, ZenRock purportedly stated by email it is not under any statutory restructuring or insolvency protection and does not have any open accounts with HLT.
It added that while its business has been adversely affected by slowing Chinese demand, closed economies due to the coronavirus lockdown, it has the “ability and experience to work through them profitability”.
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: Aditya Chinchure
Published: 24 April, 2020
Chairman of the Executive Board and CEO reiterates plans to make Sebarok terminal ‘the bunker hub of choice’ through several initiatives and investments.
Pavlos Papageorgiou most recently served as Senior Advisor at New York-listed Seacor Holdings.
Firm has adopted an internal control policy on purchase of fuel from the Cosco Shipping Group, it says.
Rosneft, SCF subsidiaries provides engineering support to build three LNG-powered tankers.
European Investment Bank to provide EUR 50 million fund for total of five port projects.
Buyers should target fuels with recent certificates of quality; certificates for fuel taken from floating storage could be as old as 2-3 months, it advised.
Some bunker suppliers at various ports have even achieved their sales target for the year; the trend doesn't seem to be slowing down and suppliers are expecting a boom during end of September.
The company has entered a memorandum of agreement with Millenium Satu Ltd to acquire the 7,550 dwt oil tanker to increase service flexibility; vessel will be paid over an installment period of 36 months.
Deloitte & Touche JMs believe IPP has a viable claim against Dr Goh Jin Hian for breaches of his director’s duties to act with skill, care and diligence which he owned to IPP, states court document.
An earlier MPA notice outlined precautionary measures for personnel to observe when conducting marine refuelling operations at port in order to minimise the risk of contracting Covid-19.
Mok’s offence affected public confidence in the use of the MFM system onboard Singapore bunker tankers, and caused an embarrassment to the MPA, said Deputy Public Prosecutors.
‘The total amount of gratification involved is the highest ever in a local corruption case and there was a sustained period of offending,’ said CPIB DPP at the State Courts of Singapore.
