KPMG Singapore, PwC Sign Agreement to "Maximise Recovery" of OW Bunker Receivables

by Ship & Bunker News Team
Tuesday February 10, 2015

Accounting firms involved in the bankruptcy proceedings of OW Bunker Monday said that on February 6, 2015 they signed a cooperation agreement on the collection of OW Bunker Far East (Singapore) Ltd. (OW Bunker Far East) receivables, ShippingWatch reports.

Liquidators KPMG Singapore said in an emailed statement that it has agreed a framework for the "prompt collection" of OW Bunker Far East receivables with receivers PwC.

"The objective of the Cooperation Agreement is to maximise recovery while preserving the rights of all parties concerned," said KPMG Singapore.

Unaudited figures suggest OW Bunker Far East owes $330 million to mainly unsecured creditors.

OW Bunker Far East was one of two important Singapore subsidiaries of the OW Bunker group.

The other, Dynamic Oil Trading, has been cited as one of the key reasons for the group's collapse in November last year as it built up large credit sales to Tankoil Marine Services in what group management at the time described as a "fraud."

According to separate reports, a Creditors Meeting Monday learned that a special resolution had been passed to wind up OW Bunker Far East and the appointment of provisional liquidators Bob Yap Cheng Ghee, Chay Fook Yuen, and Tay Puay Cheng was unanimously confirmed.

A Creditors Committee is understood to have been established.

Last week, Danish trustee Pernille Bigaard, said the group's trustees were reliant on local firms dealing with the winding up of global subsidiaries, saying 75 percent of claims against OW Bunker had been filed outside of Denmark.

Ship & Bunker News Team
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