Connect with us

Legal

Singapore: High Court grant HSBC’s request to place Zenrock under judicial management

In May, HSBC filed an affidavit accusing Zenrock of being involved in fraudulent deals whereby it used the same cargo as collateral to secure loans from multiple banks.

Admin

Published

on

hsbc sign high res

The Singapore High Court on Monday (13 July) granted HSBC bank’s request to place Zenrock Commodities Trading Pte Ltd under judicial management after a hearing, according to the notice published by the Government Gazette on Thursday (16 july).

HSBC had filed an affidavit requesting for Zenrock to be placed under judicial management, a form of debt restructuring, on 4 May 2020.

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, reported Bloomberg.

HSBC have purportedly recommended KPMG LLP to take on the role as judicial managers. 

Related: Singapore: Troubled Zenrock Commodities rumoured to be winding down in August
Related: Zenrock assents to HSBC’s application for it to be placed under judicial management
Related: Update: Hearing date set for HSBC application to place Zenrock under judicial management
Related: HSBC accuses Zenrock of fraudulent dealings, files for legal action amid credit concerns


Photo credit: HSBC
Published: 17 July, 2020

Continue Reading

Winding up

Singapore: Liquidator of Nan Shan Maritime Pte Ltd issues notice of dividend

Third interim dividend to admitted unsecured claims of Nan Shan Maritime is payable from 15 July, according to Government Gazette notice.

Admin

Published

on

By

RESIZED Drew Beamer

A notice of dividend for Nan Shan Maritime Pte Ltd, which is currently in creditors’ voluntary liquidation, was published on the Government Gazette on Wednesday (15 July). 

The following are the details of the notice:

Name of Company : Nan Shan Maritime (Pte.) Ltd.(In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 201701967H
Address of Registered Office : 10 Anson Road, #10-10, International Plaza, Singapore 079903
Amount per centum : 5.00 Per Centum of all admitted unsecured, claims
First and Final or Otherwise : Third Interim
When Payable : 15 July 2026
Where Payable : Entitlements will be made by way of cheque.

 

Photo credit: Drew Beamer
Published: 16 July, 2026

Continue Reading

Winding up

Singapore: Liquidator of Selco (Shipyard) Pte Limited issues notice of dividend

Fifth and final dividend to admitted creditors of Selco (Shipyard) is payable from 13 July, according to Government Gazette notice.

Admin

Published

on

By

Resized benjamin child

A notice of dividend for Selco (Shipyard) Pte Limited, which is currently in compulsory liquidation, was published on the Government Gazette on Friday (10 July). 

The following are the details of the notice:

Name of Company : Selco (Shipyard) Pte Limited (In Compulsory Liquidation) Co. Reg. No. 196800580K
Address of Registered Office : 7 Straits View, Marina One East Tower, Level 12, Singapore 018936
Court : High Court of the Republic of Singapore
Number of Matter : Companies Winding Up No.: 125 of 1986
Amount per centum : 0.499 cents to a dollar
First and final or otherwise : Fifth and final dividend
When payable : From 13th day of July 2026
Where payable : c/o PricewaterhouseCoopers Advisory Services Pte Ltd, 7 Straits View, Marina One East Tower, Level 12, Singapore 018936

 

Photo credit: Benjamin Child
Published: 13 July, 2026

Continue Reading

Vessel Arrest

Malaysia: MMEA detains tugboat with undocumented 10,000 litres of diesel in Kuala Langat

Inspection found MYR 5,000 in cash on the vessel and 10,000 litres of diesel, of which the skipper failed to present any document or permit authorising the transport of the diesel fuel.

Admin

Published

on

By

Malaysia: MMEA detains tugboat with undocumented 10,000 litres of diesel in Kuala Langat

The Malaysian Maritime Enforcement Agency (MMEA) on Friday (10 July) said it detained a tugboat  during an enforcement operation in Selangor waters. 

Selangor MMEA director Captain Abdul Muhaimin Muhammad Salleh said the vessel was detained at about 6.35am at about 4.7 nautical miles 0.1 nautical miles from the estuary of Sungai Langat, Kuala Langat. 

He said the initial inspection found that the vessel in question was operated by a 44-year-old skipper along with a 23-year-old crew member, both Indonesian nationals. 

Further inspection found that the vessel did not have a mandatory insurance coverage, including the Limitation of Liability for Maritime Claims (LLMC).

“Inspection also found 10,000 litres of diesel and MYR 5,000 in cash on the vessel,” he said. 

“The skipper also failed to present any document or permit authorising the transport of the diesel fuel, raising suspicions regarding the ownership of the controlled items.”

The tugboat and both crew members were brought to the Pulau Indah Marine Police Force jetty before they were handed over to the Selangor MMEA for further action. 

He added that the case is being investigated under the Immigration Act 1959/63, the Control of Supplies Act 1961, and the Merchant Shipping Ordinance (MSO) 1952.

 

Photo credit: Malaysian Maritime Enforcement Agency
Published: 13 July, 2026

Continue Reading

Trending