Asia/Pacific News
Ocean Bunkering Set for Liquidation Following Hin Leong Scandal
Ocean Bunkering Services, formerly Singapore's largest bunker supplier, is to be wound up following the Hin Leong scandal.
The company "cannot by reason of its liabilities continue its business," its management wrote in a notice posted in Singapore's Government Gazette Friday.
Leow Quek Shiong and Gary Log Weng Fatt of BDO Advisory Pte Ltd have been appointed provisional liquidators of the firm, according to a separate notice.
A meeting of the company's creditors will be held on December 15 at 3 PM Singapore time. Creditors will receive a statement of the company's affairs, as well as a list of its creditors and their estimated claims. The meeting will be held online via Zoom.
Ocean Bunkering was the marine fuels unit of Hin Leong Trading. The company was listed as Singapore's largest bunker supplier by volume in 2018, and its third-largest in 2019.
Legal cases against Hin Leong founder OK Lim and his family over alleged fraud at his company are still progressing through the courts.
