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

Winding up

Singapore: Liquidators of East Marine Pte Ltd issues notice of annual meeting

Annual meeting of the company and its creditors will be held at 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095 via audio-visual conference on 20 August at 11am.

Published

4 hours ago

August 12, 2026

Admin

A notice of annual meeting was issued by liquidators of East Marine Pte Ltd, which is in creditor’s voluntary liquidation, on the Government Gazette on Friday (7 August).

According to the notice, the annual meeting of the company and its creditors will be held at 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095 via audio-visual conference on 20 August at 11am.

The purpose of the meeting is to have an account laid before the meeting showing the acts and dealings of the liquidators and the conduct of the winding up in the preceding year.

The following are the details of the liquidators:

Ng Kian Kiat
Yap Hui Li
Liquidators
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095

Photo credit: steve pb from Pixabay
Published: 12 August, 2026

Winding up

Singapore: Annual and final meetings to be held for Asia-Pacific Shipyard Pte Ltd

Annual meeting and the final meeting of the company and its creditors will be held at 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095 via audio-visual conference on 9 September.

Published

4 hours ago

August 12, 2026

Admin

A notice of annual meeting and final meeting was issued by liquidators of Asia-Pacific Shipyard Pte Ltd, which is in creditor’s voluntary liquidation, on the Government Gazette on Friday (7 August).

According to the notice, the annual meeting and the final meeting of the company and its creditors will be held at 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095 via audio-visual conference on 9 September.

The annual meeting will be held at 2pm while the final meeting will be held at 3pm.

The purpose of the meeting is to have an account laid before the meeting showing the acts and dealings of the liquidators and the conduct of the winding up in the preceding year and the manner in which the winding up has been conducted and the property of the company has been disposed of and hearing any explanation that may be given by the liquidators.

The following are the details of the liquidators:

Ng Kian Kiat
Yap Hui Li
Liquidators
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095

Photo credit: Drew Beamer
Published: 12 August, 2026

Sanctions

Reed Smith relocates sanctions partner Alex Brandt from London to Singapore

Brandt’s relocation to the city-state is a direct response to increased client demand for sanctions advice in Asia, says law firm.

Published

5 hours ago

August 12, 2026

Admin

Reed Smith relocates sanctions partner Alex Brandt from London to Singapore

Global law firm Reed Smith on Tuesday (11 August) announced the relocation of global shipping and sanctions partner Alex Brandt from London to Singapore.

Brandt advises insurers, owners, charterers, brokers, and traders on all aspects of sanctions-related challenges, providing analysis of applicable legislation, assistance with due diligence work, and training.

He has extensive experience of U.S. and UK government investigations, disclosures, and enforcement actions and has been centrally involved in many of the most high-profile designations, seizures, and enforcement actions brought against members of the international shipping community.

Brandt also has wide-ranging experience drafting protective language for transportation, trade and financing contracts, and has worked with major lenders and other organisations to develop best-in-class compliance programmes. He also has sat on a number of BIMCO and other organisations’ drafting committees, assisting in the development of industry standard clauses.

In addition to his role in the global sanctions practice, Brandt routinely advises on contractual and tortious rights and obligations pertaining to a wide range of dry shipping matters, including charterparties, P&I club rules, bills of lading, ship sales and purchases, and shipbuilding.

Brandt has previously spent four years in Reed Smith’s Hong Kong office, where in addition to his dry shipping work, he assisted in a number of casualty investigations and criminal prosecutions arising from major casualties.

Praj Samant, Reed Smith’s Asia-Pacific managing partner, said: “We are very pleased to welcome Alex to the Singapore office, and back to Asia. He is a tremendous talent with a global perspective and commercial outlook, which is an invaluable asset to clients both in the region and beyond.”

Richard Hakes, global chair of Reed Smith’s Transportation Industry Group, said: “Our transportation practice’s commitment to Asia and to our clients based in the region is longstanding and Alex’s relocation is a direct response to the needs of our clients. We have a leading and growing shipping practice across Hong Kong, Shanghai and Singapore – with a number of new arrivals in the last year. Alex will be joining that team at an exciting time for us, and at a time where there is high regional demand for his complex sanctions advice.”

Brandt added: “I am delighted to be making the move to a region I am very familiar with already. It is clear that our global clients require increased support in the region, and I look forward to working with the regional team here, as well as continuing to collaborate with our market-leading sanctions team globally.”

Photo credit: Reed Smith
Published: 12 August, 2026