Asia/Pacific News
Former Singapore Top 20 Physical Supplier Searights Placed into Receivership: Sources
Former top 20 Singapore physical bunker supplier Searights Maritime Services Pte Ltd (Searights) has been placed in receivership, according to sources familiar with the matter.
As Ship & Bunker reported in August, United Overseas Bank (UOB) has listed itself as a $112 million creditor of Searights, and sources have also said that, upon the instruction of UOB, KPMG has been appointed as receiver of Searights' assets.
Searights' main phone line has been disconnected, and it is understood all of the company's employees have left.
Additionally, all of Searights' bunker tankers are now set to be auctioned off by UOB in order to recover outstanding debt.
The news is just the latest in what has undoubtedly been a sad period for the well know supplier that began with the death of the company's former CEO Cecil Cheong last November.
Searights had not been actively supplying for most of 2016, and in July was removed from the Maritime and Port Authority of Singapore (MPA)'s list of accredited bunker suppliers.
In August, Ship & Bunker reported that global bunker player Monjasa had issued a winding up order against Searights.
