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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.

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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.

Related: Magnets on MFMs: Trial starts for former bunker clerk of “Consort Justice”
RelatedFirst suspect charged over MFM tampering in landmark case
Related: With nearly $180 million of debt, IPP proposes interim juridical 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: Wpcpey [CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)]
Published: 14 October, 2019

 

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Winding up

Singapore: Final general meetings scheduled for Dromond Shipping, related firms

A member is entitled to attend the meetings and should notify the liquidators’ team office via email no later than 48 hours prior to the meeting.

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The final general meetings of Dromond Shipping Pte Ltd  and related companies have been scheduled to take place on 19 October, according to the company’s liquidator on a notice posted on Friday (18 September) on the Government Gazette.

The other companies are Tidewater Emergency Response Services Pte Ltd, Tidewater Production Solutions Pte Ltd and Tidewater Salvage Pte Ltd. 

The final general meetings of the members of the companies will be held via electronic means on 19 October 2026 at 2.00 pm, 2.30 pm, 3.00 pm and 3.30 pm (Singapore time), respectively.

The meetings are being held for the purpose of having accounts laid before the members showing the manner in which the winding up of the respective companies has been conducted and how the property of the respective companies has been disposed of and to hear any explanation that may be given by the liquidators. 

The details of the liquidator is as follows:

Tan Kim Han
Joint and Several Liquidators
137 Amoy Street, #02-03, Far East Square
Singapore 049965

Note: A member is entitled to attend the above meeting and should notify the Liquidators’ team office via email to [email protected] or [email protected] no later than 48 hours prior to the meeting.

 

Photo credit: steve pb from Pixabay
Published: 21 September, 2026

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Winding up

Singapore: Liquidator of Da Xin Tankers, Nan Chiau Maritime issues notices of dividend

Da Xin Tankers’s second interim dividend and Nan Chiau Maritime’s third interim dividend are payable from 17 September, according to Government Gazette notices.

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Notices of dividend for Da Xin Tankers Pte Ltd and Nan Chiau Maritime Pte Ltd, which are currently in creditors’ voluntary liquidation, were published on the Government Gazette on Thursday (17 September). 

The following are the details of the notice for Da Xin Tankers:

Name of Company : Da Xin Tankers (Pte) Ltd (In Creditor’s Voluntary Liquidation)
Unique Entity No. / Registration No. : 198400895W
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Amount per centum (US$) : 5.00 cents to a dollar of admitted unsecured claims
First and Final or otherwise : Second Interim Dividend
When payable : 17 September 2026
Where payable : Entitlements will be made either by way of telegraphic transfer or by cheque, to be collected from the Company’s registered address as above

The following are the details of the notice for Nan Chiau Maritime:

Name of Company : Nan Chiau Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No.: 200814296Z
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Amount per centum (US$) : 7.00 cents to a dollar of admitted unsecured claims
First and Final or otherwise : Third Interim Dividend
When payable : 17 September 2026
Where payable : Entitlements will be made either by way of telegraphic transfer or by cheque, to be collected from the Company’s registered address as above.

 

Photo credit: Benjamin Child
Published: 18 September, 2026

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Winding up

Singapore: Marine fuel testing firm CCIC Singapore faces winding up application

Application for the winding up of CCIC Singapore Pte Ltd was filed by Hong Kong-registered CCIC International Holding Limited on 7 September, according to Government Gazette notice.

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An application for the winding up of marine fuel testing and surveying firm CCIC Singapore Pte Ltd (CCIC Singapore) was filed by Hong Kong-registered CCIC International Holding Limited on 7 September, according to a Monday (14 September) notice on the Government Gazette.

It noted the winding up application is directed to be heard before the Judge sitting in the General Division of the High Court at 10am on 2 October.

Manifold Times previously reported US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned nearly two dozen firms operating in multiple jurisdictions, including CCIC Singapore.

OFAC alleged that Sepehr Energy “consistently relied” on CCIC Singapore to accomplish not only the necessary pre-delivery cargo inspections required before oil is transferred to China, but also to conceal the oil’s Iranian origins.

In late 2024, CCIC Singapore provided inspection services during a ship-to-ship transfer of approximately two million barrels of Iranian oil from the sanctioned vessel and Sepehr Energy-affiliated SIRI (IMO 9281683), formerly known as the ANTHEA. 

In June 2025, CNA reported that the company laid off hundreds of workers after it was hit with the sanctions. Later, the CCIC Singapore told CNA that the layoffs were due to the impact of the sanctions which was greater than expected, and that it has ceased operations in Singapore. 

According to the Government Gazette notice, any creditor or contributory of the company desiring to support or oppose the making of an order on the winding up application may appear at the time of hearing by himself or his counsel for that purpose.

A copy of the winding up application will be furnished to any creditor or contributory of the company requiring the copy of the winding up application by the solicitors of the applicant’s, Oon & Bazul LLC, on payment of the regulated charge for the same.

The Applicant’s address is 29/F, East Tower, Shun Tak Centre, 168-200 Connaught, Rd Central, Hong Kong, China.

The Applicant’s solicitors are TKQP Law LLP of 1 Wallich Street, #07-02 Guoco Tower, Singapore 078881.

Note: Any person who intends to appear at the hearing of the winding up application must send notice of such intention to the abovenamed TKQP Law LLP, the Claimant’s solicitors, within the time and in the manner set out in rule 70 of the Insolvency, Restructuring and Dissolution (Corporate Insolvency and Restructuring) Rules 2020. The notice must be in Form CIR-15 and state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person, firm, or his or their solicitor (if any) and must be served and, if sent by post, must be posted in such time as in the ordinary course of post to reach the address of the Claimant’s abovenamed solicitors, at least 3 clear working days before 2 October 2026 (the day appointed for the hearing of the application).

Related: CCIC Singapore amongst nearly 24 firms named in latest US OFAC sanctions

 

Photo credit: Manifold Times
Published: 15 September, 2026

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