Connect with us

Legal

Xihe Holdings placed under IJM as OCBC reverses decision for ‘consensual restructuring’

Other creditors support OCBC’s application as the bank views Xihe’s restructuring plan to be ‘little more than a controlled sale of vessels’, reports Business Times.

Admin

Published

on

Ocean QUEEN

Xihe Holdings, the 60% holding company for Singapore-based tanker ship owner Xihe Group of Companies, has been placed under interim judicial managers (IJMs) as creditors rally behind OCBC’s application for Xihe’s restructuring to be independent of the Lim family, reports Business Times.

This comes off the bat off Xihe’s announcement at the end of July that its creditors have adjourned court proceedings in favour of working together with the group towards a consensual restructuring.

It seems that OCBC and other creditors have since had a change of heart as the bank’s court filing states that Xihe’s restructuring plan "appears to amount to little more than a controlled sale of vessels, while seeking financing and charters to tide over the interim period".

As part of its plan, Xihe claimed to be independent of Lim Oon Kuin and his children, and appointed a new board of directors which included Lim’s brother Kenny Lim Oon Cheng as interim CEO.

OCBC stated that these steps "give the veneer of independence and new management instead of the actual independence guaranteed by JM”.

Conversely, Xihe is probing into OCBC’s real motives for placing it under IJM as it feels the bank “can have no conceivable interest in what happens to these companies (Xihe) once it (OCBC) is paid”.

“[...] this is a backdoor attempt to obtain security over the Lim family's assets for its claims against Hin Leong Trading and Ocean Tankers,” said Haridass Ho & Partners, legal counsel to Xihe. 

Related: Xihe Group appoints V.Group as technical manager for 16 of its tankers
Related: Xihe replaces Directors, forms new management team to chart fresh course for Group
Related: Xihe creditors adjourn court proceedings in favour of consensual restructuring
Related: OCBC files for Xihe Holdings to be placed under judicial management


Photo credit: Xihe Group
Published: 17 August, 2020

Continue Reading

Crime

Vietnam: Two ships seized over 170,000 litres of unknown origin diesel oil

Vietnam Coast Guard said vessels were transporting various quantities of oil cargo: KG-91487- DR was transporting about 145,000 litres and KG-91602-TS transported about 25,000 litres.

Admin

Published

on

By

Vietnam: Two ships seized over 170,000 litres of unknown origin diesel oil

The Vietnam Coast Guard on Tuesday (20 February) said it seized a total of about 170,000 litres of unknown origin diesel oil in an operation. 

Patrol boats belonging to Coast Guard Region 4 Command detected two fishing boats – KG-91487- DR and KG-91602-TS – displaying several suspicious signs.

Initial investigations found all vessels without invoices and documents proving legal origin of the oil material.

The vessels were transporting various quantities of oil material: KG-91487- DR was transporting about 145,000 litres and KG-91602-TS transported about 25,000 litres.

The authorities made records of administrative violations,and escorted the vessels to Fleet Port 422 in Phú Quốc city, Kiên Giang province for further investigations and handling in accordance with the law.

 

Photo credit: Vietnam Coast Guard
Published: 23 February, 2024

Continue Reading

Winding up

Xihe Holdings liquidators issue intended dividend notice to creditors

Creditors will need to produce proofs of debt to liquidators of the company by 8 March 2024 at 5pm, according to Government Gazette notice.

Admin

Published

on

By

RESIZED Drew Beamer

A notice to declare intended dividend of Xihe Holdings Pte Ltd to its creditors has been posted on Singapore’s Government Gazette on Friday (16 February). 

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

Details of the notice of intended dividend are as follows:

Name of Company : Xihe Holdings (Pte) Ltd (In Liquidation)

Unique Entity No. / Registration No. : 199002021M

Address of Registered Office : c/o Grant Thornton Singapore Private Limited 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960

Court : High Court of Singapore

Number of Matter : HC/CWU 40/2022

Last Day for Receiving Proofs : 8 March 2024 at 5:00 pm by email to [email protected] 

Name of Liquidators : Seshadri Rajagopalan, Paresh Tribhovan Jotangia and Ho May Kee

Address : c/o Grant Thornton Singapore Private Limited, 8 Marina View #40-04/05 Asia Square Tower 1

Singapore 018960

 

Photo credit: Drew Beamer
Published: 21 February, 2024

Continue Reading

Legal

Malaysia: MMEA detains modified fishing boat suspected of smuggling diesel oil

Three men, aged 32 to 40, were suspected to be involved in smuggling the subsidised oil estimated to be 6,000 litres, worth almost MYR 13,000 (USD 2,712).

Admin

Published

on

By

Malaysia: MMEA detains modified fishing boat suspected of smuggling diesel oil

The Malaysian Maritime Enforcement Agency (MMEA) on Monday (19 February) said it detained a fishing vessel and three local men who were onboard after they allegedly tried to smuggle 6,000 litres of diesel worth MYR 13,000 (USD 2,712) on 18 February. 

In the 11pm incident, the men, aged 32 to 40, onboard the ship were found with the diesel at 0.6 nautical miles north of Pulau Langgun, Langkawi. 

“During the inspection of the boat in question, officers found there was an additional space on the deck and covered with plywood in the intention of hiding it from authorities,” said MMEA. 

Malaysia: MMEA detains modified fishing boat suspected of smuggling diesel oil

“Officers then proceeded to dismantle the plywood and found two storage containers that were converted into extra oil barrels.”

“As a result of that discovery, the suspects are suspected to be involved in smuggling subsidised oil estimated to be 6,000 litres, worth almost MYR 13,000.”

MMEA detained the fishing vessel and men before they were brought to Bukit Malut Maritime Jetty for further investigations.

 

Photo credit: Malaysian Maritime Enforcement Agency
Published: 20 February, 2024

Continue Reading
Advertisement
  • RE 05 Lighthouse GIF
  • Consort advertisement v2
  • Aderco advert 400x330 1
  • v4Helmsman Gif Banner 01
  • SBF2
  • EMF banner 400x330 slogan

OUR INDUSTRY PARTNERS

  • Singfar advertisement final
  • 102Meth Logo GIF copy
  • Triton Bunkering advertisement v2
  • HL 2022 adv v1


  • Energe Logo
  • E Marine logo
  • Trillion Energy
  • metcore
  • Cathay Marine Fuel Oil Trading logo
  • Kenoil
  • SMS Logo v2
  • pro liquid
  • Victory Logo
  • CNC Logo Rev Manifold Times
  • 400x330 v2 copy
  • Advert Shipping Manifold resized1
  • Headway Manifold
  • VPS 2021 advertisement

Trending