Bank seeks $38 million from arrested Singapore bunker tankers

Malayan Banking Berhad, also known as Maybank, is seeking to liquidate a total USD $38.3 million under Mortgagee’s Claim from the owner of four bunker tankers arrested by law firm Rajah & Tann Singapore LLP at Singapore port on Monday.

Vermont UM Shipping is believed to be the owner and operator of the Angel Sun, Angel Star, Angel Moon and Ansheng.

According to Singapore court documents obtained by Manifold Times, the estimated liquidated value of the vessels are as follows:

• Angel Sun USD $9,582,505.42 // SGD $12,551,514.10
• Angel Star USD $9,582,505.42 // SGD $12,551,514.10
• Angel Moon USD $9,582,505.42 // SGD $12,549,990.49
• Ansheng USD $9,582,505.42 // SGD $12,549,990.49

Data of the arrested vessels are as follows:

*Data from the Maritime and Port Authority of Singapore (MPA)

Vermont UM Bunkering is a stakeholder of Vermont UM Shipping, according to information from Singapore’s Accounting and Corporate Regulatory Authority (ACRA).

Vermont UM Bunkering had its bunker supplier and bunker craft operator licence revoked by MPA on 28 April, 2016.

On 16 November 2017, Vermont UM Bunkering’s two directors and one former bunker manager were charged in court with 150 counts of engaging in a conspiracy to cheat customers.

The group dishonestly induced clients to make excess payments totalling over $8 million.

Related: Singapore: Four bunker tankers arrested

Published: 5 April, 2018