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With nearly $180 million of debt, IPP proposes interim juridical management

IPP’s business and operations were ‘severely impacted’ by MPA’s temporary suspension of bunker craft operator licence, claimed company director.

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UPDATE: A spokesperson from Kairos Oil Trading has clarified with Manifold Times the company does not have any accounts receivables with IPP.

Singapore bunker supplier Inter-Pacific Petroleum Pte Ltd (IPP) and its parent company Inter-Pacific Group Pte Ltd (IPG) on Friday (16 August) filed an application for interim judicial management at the High Court of the Republic of Singapore.

An affidavit filed by Zoe Cheung, the current director of IPP and IPG, on Tuesday (20 August) provided more details of developments leading up to the company’s decision to come under interim judicial management.

It noted that IPG originally had two shareholders, namely Zoe Cheung (85%) and Dr Goh Jin Hian (15%); Dr Goh was a director of IPG and IPP until 20 August 2019 when his resignation took effect. An individual of Pek Chong Beng is the current nominee local director in IPG and IPP, in place of Dr Goh.

The document alleged that IPP posted total accounts receivables of USD 21.07 million from 21 trading counterparties to date; notably, the majority at USD 14.73 million, or 69.9%, of the total figure was from Minerva Bunkering Pte Ltd.

Inter-company receivables of USD 248.36 million from five related firms of Chuang Xin (China) Group Limited, Inter-Pacific Group Pte Ltd, Inter-Pacific Petroleum Trading Pte Ltd, Pacific Energy 8 Pte Ltd and Pacific Ship Management Pte Ltd were declared.

Chuang Xin (China) Group Limited, currently insolvent, undertook USD 237.36 million, or 95%, of the total inter-company receivables.

Significant and verifiable liabilities totalling 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, and account payables of USD 2.43 million to 10 players; the highest outstanding amount stands at around USD 1.16 million, or 48%, which is owed to Kairos Oil Trading Pte Ltd.

The purported affidavit highlighted IPP, “has been struggling to put its books and accounts into good order. However, as the business was still able to maintain its cashflow to meet its mature liabilities, the company was able to continue its trading flow.”

“However, on 14 June 2019, the Maritime Port Authority (MPA) issued a Port Marine Circular No. 14 of 2019 stating that arising (sic) from an enforcement check on a bunker tanker operated by IPP, the MPA had temporarily suspended IPP’s bunker craft operator license with effect from 27 June 2019 until further notice.

“The reason for the suspension is related to an incident involving an outsourced employee, and IPP is presently investigating the incident and cooperating with MPA in this regard to provide further information as relevant. However, the immediate effect of the suspension was to prevent IPP from operating as a bunker craft operator in Singapore.

“As a result of the suspension of the license, IPP’s business and operations were severely impacted.”

IPP noted the development caused the firm to incur “very significant expense and effort”, together with disruption to its business, as it had to arrange for other operators to take on contracts due to the license suspension.

The suspension also “significantly impacted counterparties’ confidence” in IPP as players which previously offered credit started asking for cash terms, “such that there is insufficient cash to sustain operations.”

Moving forward, the directors of IPG and IPP said they have received a letter from a confidential investor which is a publicly-listed company in Hong Kong who may, amongst other options, take on short term six-month charters of IPG’s vessels to allow for cash generation while providing other solutions pending the outcome of IPP’s licensing issues at Singapore.

Related: Inter-Pacific Group, Inter-Pacific Petroleum under judicial management
RelatedMagnets on MFMs: “Consort Justice” crew pleads ‘not guilty’ to tampering charge
RelatedIPP responds to temporary suspension of bunker craft operator licence
RelatedMPA temporarily suspends IPP bunker craft operator licence
RelatedSingapore: Bunker Cargo officer, crew face charges over alleged MFM tampering

Photo credit: Manifold Times
Published: 27 August, 2019
 

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Business

Singapore: Convicted Hin Leong founder O.K. Lim to sell another bungalow for SGD 43 million

Third good class bungalow (GCB) in Tanglin Hill is owned by the former tycoon, who is waiting to be sentenced on 3 October, and his daughter Lim Huey Ching.

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The Founder of Hin Leong Trading, Lim Oon Kuin, also known as O.K. Lim, is looking to sell another one of his bungalows after he was convicted on two charges of cheating and one charge of instigating forgery for the purpose of cheating in May, according to news reports on Friday (21 June).

The third good class bungalow (GCB) in Tanglin Hill is owned by the former tycoon, who is waiting to be sentenced on 3 October, and his daughter Lim Huey Ching. 

The SGD 43 million property at 1K Tanglin Hill is being put up for tender and will close on 19 July. 

Lim reportedly sold his other GCB at 5 Second Avenue for SGD 33.39 million in October 2021 to the family of Mr Tan Yeow Khoon, former executive chairman of delisted logistics company Cogent Holdings.

In November 2023, his bungalow at 20 Third Avenue sold in November 2023 to a Singapore family for SGD 26.5 million. 

Manifold Times recently reported OK Lim, being convicted on the three charges after a trial of over 60 days.

The 82-year-old was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions. 

A total of 130 charges were eventually brought against him for cheating and forgery-related offences, and Lim claimed trial to these charges.

The trial proceeded on three charges:

  • Two charges of cheating under Section 420 of the Penal Code, and,
  • One charge of instigating forgery for the purpose of cheating under Section 468 read with Section 109 of the Penal Code.

Lim faces imprisonment of up to 10 years and shall also be liable to a fine for each charge under Section 420 of the Penal Code and Section 468 read with Section 109 of the Penal Code.

An extensive coverage by Singapore bunkering publication Manifold Times regarding the fall of Hin Leong can be found below:

Related: Singapore: Hin Leong Trading Founder found guilty of cheating and instigating forgery charges
Related: Singapore: Lawyers of OK Lim and daughter accuse former PA of lying in her testimony
Related: Former PA to Hin Leong Trading Founder refutes OK Lim’s claim on his role in firm
Related: Founder OK Lim grilled by prosecutors on his involvement at Hin Leong Trading
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
Related: Ocean Tankers judicial managers progressing to liquidate firm after expiry of court order
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
Related: Hin Leong judicial managers to hold meeting of creditors to discuss fees incurred
Related: Lim family files application to wind up Hin Leong Trading subsidiary, Hin Leong Marine
Related: First creditors meeting of Ocean Tankers to be held in early January 2021
Related: Bank of China takes legal action against BP Plc and Lim family to recover $312.9 million
Related: OBS to wind up operations; creditor list alleges estimated USD 42 million debt
Related: Ocean Tankers publishes notice for creditors to prove any debts or claims for publication
Related: Hin Leong Trading founder denies allegations of forgery put forward by HSBC
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
Related: Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditors
Related: Xihe Capital and subsidiaries, Nan Guang Maritime to undergo voluntary liquidation
Related: MPA: Ocean Bunkering Services licenses suspended ‘until further notice’ and not revoked
Related: Ocean Bunkering Services bunker claims against ASL Marine & Offshore heads to arbitration
Related: Ocean Tankers to return most ships to owners to reduce $540,000 a day cash burn
Related: Singapore: Ocean Bunkering Services license suspended until further notice
Related: PwC publishes ‘investment opportunity’ for Singapore independent bunker fuel supplier
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
Related: Xihe Holdings placed under IJM as OCBC reverses decision for ‘consensual restructuring’
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
Related: Ocean Tankers legal team publishes application to be placed under judicial management
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
Related: Judicial managers of Ocean Tankers to present restructuring proposals to owners
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: CHUTTERSNAP on Unsplash
Published: 24 June, 2024

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Legal

Shipowner and captain fined for using heavy fuel oil around Svalbard

Foreign shipping company has been fined NOK 1 million for having sailed one of its cargo ships with heavy fuel oil on board within the territorial waters around Svalbard; captain has been fined NOK 30,000.

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A foreign shipping company has been fined NOK 1 million (USD 94,632) for having sailed one of its ships with heavy fuel oil on board within the territorial waters around Svalbard, which is a breach of the Svalbard Environment Act, according to the Governor of Svalbard on Thursday (13 June). 

In addition, the captain has been fined NOK 30,000.

On 6 June 2024, the cargo ship passed into Svalbard's territorial waters, despite the vessel having heavy fuel oil on board, which was established by an inspection carried out by inspectors from the Norwegian Maritime Directorate on the same day.

“This is a breach of Section 82a of the Svalbard Environment Act, which stipulates that ships calling at Svalbard cannot use or have heavy fuel oil as a means of transport. The provision applies to the whole of Svalbard and was introduced on 1 January 2022,” Lars Fause said. 

For the violation of Section 82a of the Svalbard Environment Act, the Governor of Svalbard has issued a forfeiture order against the foreign shipping company of NOK 1,000,000. In addition, the captain of the ship has been fined NOK 30,000.

“It is the first time that the Governor has fined a company in connection with a breach of the heavy oil provision on Svalbard,” he added. 

The fines have not been accepted. The shipping company provided a guarantee for the sum of the fine and was thus allowed to sail down from Svalbard on Wednesday evening, 12 June.

The main hearing in the case is scheduled for the Nord-Troms district court in early October.

 

Photo credit: Venti Views on Unsplash
Published: 20 June, 2024

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Business

Singapore: Xihe Capital liquidator issues notice of intended dividend

Xihe Capital Pte Ltd and its subsidiaries are owned by the Lim family, who are also the owners of the embattled Hin Leong Trading.

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RESIZED Drew Beamer

A notice to declare intended dividend of Nan Shan Maritime Pte Ltd to its creditors has been posted on the Government Gazette on Monday (10 June).

Xihe Capital Pte Ltd and its subsidiaries are owned by the Lim family, who are also the owners of the embattled Hin Leong Trading.

The following are the details of the notice of intended dividend:

Name of Company : XIHE CAPITAL (PTE.) LTD. (IN CREDITORS’ VOLUNTARY LIQUIDATION)
Unique Entity No. / Registration No. : 201727410K
Address of Registered Office : 10 ANSON ROAD, #10-10,INTERNATIONAL PLAZA, SINGAPORE 079903
Last Day for Receiving Proofs : 2 JULY 2024
Name of Liquidator : TAM CHEE CHONG
Address : c/o 10 ANSON ROAD, #10-10, INTERNATIONAL PLAZA, SINGAPORE 079903

Related: Singapore: Liquidator arranges creditors meeting for Xihe Capital
Related: Petition to place Xihe Capital subsidiaries under judicial management approved
Related: Creditors’ meeting for Xihe Capital and related shipping firms to take place in November

 

Photo credit: Drew Beamer
Published: 19 June 2024

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