Legal

Xihe Holdings placed under IJM as OCBC reverses decision for ‘consensual restructuring’

Other creditors support OCBC’s application as the bank views Xihe’s restructuring plan to be ‘little more than a controlled sale of vessels’, reports Business Times.

Published

6 years ago

August 17, 2020

Admin

Xihe Holdings, the 60% holding company for Singapore-based tanker ship owner Xihe Group of Companies, has been placed under interim judicial managers (IJMs) as creditors rally behind OCBC’s application for Xihe’s restructuring to be independent of the Lim family, reports Business Times.

This comes off the bat off Xihe’s announcement at the end of July that its creditors have adjourned court proceedings in favour of working together with the group towards a consensual restructuring.

It seems that OCBC and other creditors have since had a change of heart as the bank’s court filing states that Xihe’s restructuring plan “appears to amount to little more than a controlled sale of vessels, while seeking financing and charters to tide over the interim period”.

As part of its plan, Xihe claimed to be independent of Lim Oon Kuin and his children, and appointed a new board of directors which included Lim’s brother Kenny Lim Oon Cheng as interim CEO.

OCBC stated that these steps “give the veneer of independence and new management instead of the actual independence guaranteed by JM”.

Conversely, Xihe is probing into OCBC’s real motives for placing it under IJM as it feels the bank “can have no conceivable interest in what happens to these companies (Xihe) once it (OCBC) is paid”.

“[…] this is a backdoor attempt to obtain security over the Lim family’s assets for its claims against Hin Leong Trading and Ocean Tankers,” said Haridass Ho & Partners, legal counsel to Xihe.

Photo credit: Xihe Group
Published: 17 August, 2020

Legal

Singapore police arrest eight over alleged illegal MGO transaction off Tuas

SPF says preliminary investigations found that crew members of a Singapore-registered tugboat misappropriated MGO worth about SGD 10,570 without their company’s knowledge and sold it illegally.

Published

2 days ago

August 14, 2026

Admin

Singapore police arrest eight over alleged illegal MGO transaction off Tuas

The Singapore Police Force (SPF) on Thursday (13 August) said it has arrested eight men, aged between 25 and 54, for their suspected involvement in an illegal transaction of Marine Gas Oil (MGO).

On 13 August 2026 at about 1.05am, officers from the Police Coast Guard (PCG) conducted a check on a Singapore-registered tugboat in the waters off Tuas and discovered that eight crew members were possibly involved in the illegal transaction of MGO.

“Preliminary investigations revealed that the crew members of the tugboats misappropriated MGO valued at about SGD 10,570 (USD 8,258), without their company’s knowledge,” SPF said in a statement.

“The MGO was sold illegally for their personal financial gain.”

The eight crew members will be charged in court on 14 August 2026 with the offence of theft by servant of property in possession of master under Section 381 of the Penal Code 1871 If convicted, they shall be punished with an imprisonment term that may extend to seven years and shall also be liable to fine.

“The Police take a serious view of illegal transaction of MGO in Singapore Territorial Waters and will continue to conduct enforcement and security checks to prevent, deter and detect such illicit activities in Singapore waters,” SPF added.

Photo credit: Singapore Police Force
Published: 14 August, 2026

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 days 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 days 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