The High Court of Singapore has approved an application to liquidate bunker supplier Inter-Pacific Petroleum (IPP), according to a government notice.
Deloitte & Touche, IPP's court-appointed supervisor, has been named liquidators by the court, a notice on the Singapore Gazette website said.
“All creditors of the above-named company should file their proof of debt with the liquidators who will be administering all affairs of the company,” the notice said.
IPP entered court-led restructuring in 2019 with outstanding liabilities totalling more than $168.5m as well as being linked to an alleged case of fraud.
In November 2019, TradeWinds reported that Societe Generale was waging a court battle over more than $90m it claims it lost in a credit scam.
The case centred on a series of alleged sham bunkering transactions, which were financed by real money from the French bank's Singapore branch.
The credit was issued to IPP and allegedly paid over to a series of other parties.
Lawyers for Societe General's Singapore branch have been chasing assets to recover their client's cash in the courts of London, Hong Kong and Singapore.
IPP had its bunker craft operator licence revoked by Singapore’s Maritime Port Authority (MPA) after it was accused of attempting to short-change customers by using magnets to affect metre readings.
The MPA said at the time that investigations revealed “magnetic interferences” affecting measurements of bunkers supplied in numerous mass flow meter readings across IPP’s fleet of bunker tankers.
Two months later, the agency revoked the Hong Kong-controlled company's bunker supply licence over the alleged scam.
In 2018, IPP was the 26th-largest supplier by volumes delivered, out of 51 other operators, according the MPA.
