Singapore-based oil trading firm Zenrock Commodities Trading is conceding a HSBC request to the High Court for the company to be placed under judicial management, reported The Business Times.
In the filing, HSBC accused Zenrock of being involved in fraudulent deals whereby the company used the same cargo as collateral to secure loans from multiple banks.
The court has allegedly granted HSBC’s bid for Zenrock to be placed under judicial management from KPMG, a form of debt restructuring.
It was reported that Zenrock had earlier resisted HSBC’s application but has since had a change of heart. The hearing is set for 13 July, 2020.
Related: HSBC accuses Zenrock of fraudulent dealings, files for legal action amid credit concerns
Related: Winson Group and ZenRock Commodities reassure fiscal stability despite Hin Leong fiasco
Photo credit: HSBC
Published: 18 June, 2020
“SBI fits strategically with the objectives of Kaeline Group,” says Managing Director.
Bunker supply tanker M/T Barbarica to start marine fuel delivery ops by mid-October 2018.
The operation was carried out as part of ‘Ops Khas Pagar’ held in conjunction with the festive season.
Situation is no longer sustainable without ‘emergency action’ with immediate effect.
Contract of 10 mt is settled through physical delivery - a first in Singapore - and is expected to bring increased convenience to the fuel oil market, it says.
Exclusion based on assessment of the risk of severe environmental damage.
The local bunkering sector has adapted to IMO 2020 requirements and LSFO is now available at more than two earlier locations, notes bunker supplier Trillion Energy.
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A sanitisation expert offers Manifold Times a summary of the processes involved in disinfecting a ship together with the equipment and products used in the operation.
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Laboratory looking to collaborate with Singapore bunker surveyors to roll out COVID 19 testing service, which has been successfully adopted by land-based industries, to the maritime sector.
Sinfeng Marine Services filed an application to the Court of Appeal to withhold information from the liquidators on October 2019; the appeal was dismissed a month later.
