Legal

NewOcean Petroleum to ‘vigorously contest’ against Societe Generale lawsuit

Societe Generale seeks to claim USD 20.5 million from NewOcean Petroleum due to ‘constructive trustee’ relationship with Pacific Dragon (Hong Kong) Energy Limited.

Published

7 years ago

October 14, 2019

Admin

The following article was first published by Manifold Times on Monday (14 October) morning:

Hong Kong-listed NewOcean Energy Holdings Limited (NewOcean Energy) on Friday (11 October) said its bunkering subsidiary NewOcean Petroleum Company Limited (NewOcean Petroleum) will be defending itself against a legal suit from the Singapore branch of Societe Generale at the High Court of the Hong Kong Special Administrative Region.

Societe Generale on 17 September 2019 added Pacific Dragon (Hong Kong) Energy Limited (Pacific Dragon), a company identified as Daisho Microline Holdings Limited (DMHL) and its Chairman Madam Cheung Lai Na, to a list of defendants for different combinations of claims in different amounts.

The claims included allegations of conspiracy to defraud, breach of deed of assignment, breach of trade finance facility, breach of corporate guarantee and breach of personal guarantee, according to NewOcean Energy.

Pacific Dragon is a trade debtor of NewOcean Petroleum who still had outstanding debt from various purchases of marine fuel made under a Master Sales and Purchase Contract (Contract) executed in December 2018.

Additionally, DMHL also provided ship mortgages of two Singapore-flagged bunker barges (either owned directly or indirectly by DMHL) to NewOcean Petroleum as part of the Contract.

On 8 October 2019, Societe Generale included NewOcean Petroleum as a defendant to the lawsuit at Hong Kong and sought, among other things, a declaration that NewOcean Petroleum is liable to Societe Generale, “as a constructive trustee with regard to a sum of USD 20,498,997.81 received and/or dealt with wrongfully.”

“The Company and NewOcean Petroleum strongly deny such allegation,” stated NewOcean Energy.

“The Directors of NewOcean Petroleum have reviewed all trading documents and records relating to transactions between Pacific Dragon and NewOcean Petroleum under the Contract, and are fully satisfied that all transactions between them are bona fide commercial sale and purchase transactions that all monies received by NewOcean Petroleum in these transactions are, or in connect with goods sold and delivered, and in no way connected with any of the matters as alleged in the Writ.

“The legal team of NewOcean Petroleum has taken external legal advice and are convinced that the Plaintiff’s claim against NewOcean Petroleum in the re-amended Writ will fail, NewOcean Petroleum will in any event vigorously contest all the Plaintiff’s claims and seek costs.”

Moving forward, NewOcean Petroleum said it will be starting legal proceedings against DMHL to enforce its guarantee under the Contract due to unpaid outstanding trade debt, overdue interest charges owed by Pacific Dragon, and ship mortgages of two Singapore-flagged bunker barges owned directly or indirectly by DMHL.

“NewOcean Petroleum has instructed its external legal adviser to immediately commence legal proceedings for recovery of the outstanding amount together with all costs.”

DMHL Chairman is a Director of Inter-Pacific Petroleum Pte Ltd and Inter-Pacific Group Pte Ltd

DMHL Chairman Madam Cheung Lai Na, also known as Zoe Cheung, is also a director of Inter-Pacific Petroleum Pte Ltd (IPP) and its parent company Inter-Pacific Group Pte Ltd (IPG) – firms which have filed for interim judicial management on 16 August at the High Court of the Republic of Singapore – according to court documents seen by Manifold Times.

Significant and verifiable liabilities of IPP totalled 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, account payables of USD 2.43 million to 10 players, and others.

The bunker craft operator licence of IPP was temporarily suspended by the Maritime and Port Authority of Singapore (MPA) on 27 June.

Former crew members of a Singapore-flagged bunker tanker (IMO 9199701) chartered by IPP, now renamed as Fragrance, are in the middle of trials at the State Courts of Singapore over tampering of a mass flowmeter.

Photo credit: Wpcpey [CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)]
Published: 14 October, 2019

Legal

Singapore: Bunker Partner succeeds in High Court bid to wind up Victory Shipping

Estonia-based marine fuels and commodities trading company Bunker Partner filed a winding up application against Victory Shipping on 13 April.

Published

9 hours ago

June 26, 2026

Admin

Singapore: Estonian firm Bunker Partner files bid to wind up of Victory Shipping

The High Court of Singapore granted a winding up order against Victory Shipping Pte Ltd on 12 June, according to a Thursday (25 June) notice on the Government Gazette.

The winding up application was filed by Estonia-based marine fuels and commodities trading company Bunker Partner on 13 April.

Victory Shipping, with representations in Malaysia, India and the U.A.E., operates dry bulk shipping contracts around the globe with voyages performed mainly in the Middle East and Southeast Asia.

The winding up order also included the following name and address of a liquidator:

Mr Farooq Ahmad Mann
C/o M/s Mann & Associates PAC
3 Shenton Way #03-06C
Shenton House
Singapore 068805

The notice noted that all creditors of the Victory Shipping should file their proof of debt with the liquidator who will be administering all the affairs of the company.

Manifold Times previously reported a virtual hearing between Victory Shipping and Integr8 Fuels Pte Ltd, organised by the High Court of the Republic of Singapore.

The event was to set aside a statutory demand served on 3 October 2025 by Integr8 Fuels lawyers under Section 125(2)(c) and Section 10 of the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) against Victory Shipping, according to court documents obtained by the bunkering publication.

Integr8 Fuels provides bunker trading and brokerage services to shipowners and operators that enables them to optimise fuel procurement.

Photo credit: Manifold Times
Published: 26 June, 2026

Winding up

Intended dividend notice issued for defunct Singapore bunker supplier Inter-Pacific Petroleum

Creditors of the companies will have to submit proof of debt to the liquidators of Inter-Pacific Petroleum Pte Ltd by 6 July, according to Government Gazette notice.

Published

3 days ago

June 23, 2026

Admin

Intended dividend notice issued for defunct Singapore bunker supplier Inter-Pacific Petroleum

A notice to declare the intended dividend of defunct Singapore bunker supplier Inter-Pacific Petroleum Pte. Ltd. to its creditors has been posted on the Government Gazette on Monday (22 June).

Name of Company : Inter-Pacific Petroleum Pte. Ltd. (In Compulsory Liquidation)
Unique Entity No./ Registration No. : 201115209N
Address of Registered Office : c/o 6 Shenton Way, OUE Downtown 2 #33-00, Singapore 068809
Court : The High Court of the Republic of Singapore
Number of Matter : Companies Winding Up No.: HC/CWU 37/2021
Last Day for Receiving Proofs : 6th day of July 2026
Name of Liquidators : Tan Wei Cheong and Lim Loo Khoon, Joint and Several Liquidators
Address of Liquidators : c/o 6 Shenton Way, OUE Downtown 2 #33-00, Singapore 06880

Manifold Times previously reported the Appellate Division of Singapore’s High Court finding a former Director of Inter-Pacific Petroleum (IPP) not liable to pay up to USD 146 million of the company’s total USD 156 million loss.

The decision sets aside an earlier decision by the High Court that found Dr Goh Jin Hian responsible for the company’s financial loss.

The Appellate Division of the High Court found that even though it agreed that Dr Goh had breached his duty of care as a director, IPP has failed to show that his breach caused loss to the company.

Lester Ho, Associate Director of multi-disciplinary law firm Helmsman LLC previously shared his timely key takeaways on the case of Dr Goh v Inter-Pacific Petroleum when the Appellate Division of the High Court in Singapore overturned the High Court’s finding that Mr Goh’s breach had caused IPP to incur the losses.

Photo credit: Manifold Times
Published: 22 June, 2026

Winding up

Singapore: Creditors’ meeting scheduled for Coastal Logistics Pte Ltd

Director of Heng Tong Fuels & Shipping and Coastal Logistics previously filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Published

3 days ago

June 23, 2026

Admin

The creditors’ meeting of Coastal Logistics Pte Ltd, has been scheduled to be held on 14 July, according to a Monday (22 June) notice posted on the Government Gazette.

The meeting for creditors of the company will be held at One Raffles Quay, #27-10 South Tower, Singapore 048583 and by electronic means at 3:30 pm (Singapore time).

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

The agenda of the meeting is:

receiving a statement of the Company’s affairs together with a list of creditors and the estimated amounts of their claims;
confirming the appointment of Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte. Ltd., One Raffles Quay, #27-10 South Tower, Singapore 048583 to act as the joint and several Liquidators of the Company for the purpose of such winding up;
resolving that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit;
appointing a committee of inspection of not more than 5 members, if thought fit; and
any other business.

Notes:

Creditors may only attend and vote at this meeting by submitting the General Proxy or Special Proxy form (together with the proof of debt form) and including the details of the attendees to FTI Consulting (Singapore) Pte Ltd, via email at [email protected] by 13 July 2026, 4:00 pm (Singapore Time).
A creditor may appoint a proxy to attend and vote at the meeting. A Special Proxy Form must be duly completed and lodged at FTI Consulting (Singapore) Pte Ltd via email at [email protected] by 13 July 2026, 4:00 pm (Singapore Time).
Creditors may send any questions or other substantial and relevant matters which the creditors wish to raise at the meeting by way of email to the above email address by 13 July 2026.