Sembcorp unit begins proceedings against Hin Leong affiliate

Photo: Reuters

Sembcorp Industries on Monday said its Sembcorp Cogen unit had begun legal proceedings to assert ownership over some gasoil reserves stored in tanks at Singapore’s Universal Terminal, partly owned by oil trader Hin Leong Trading Pte Ltd.

Just last week, Sembcorp Cogen terminated its gasoil supply and storage agreement with Hin Leong Trading, which is being monitored by Singaporean authorities.

Sembcorp Cogen on April 24 obtained a court order to restrain Universal Terminal from moving, removing or disposing of any of the gasoil reserves it claims, and to ensure that the reserves are stored separately from any other gasoil, the parent company said in a statement issued on Monday.

“There is a possibility that the reserves designated for Sembcorp Cogen may be subject to competing claims by one or more third parties,” Sembcorp Industries said in the statement.

Last week, Hin Leong applied for a court-appointed supervisor to manage the company and restructure billions of dollars of debt owed to multiple banks.

Hin Leong’s founder Lim Oon Kuin and his family own 41% of the Universal Terminal through Universal Group Holdings Pte Ltd. PetroChina holds 25% and Australian investment bank Macquarie the remaining 34%.

Hin Leong didn’t immediately respond to a request for comment.

Reuters

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.