Singapore authorities have revoked the bunker supply licence of a company linked to an alleged major bunker scam.
The Maritime and Port Authority (MPA) said Inter-Pacific Petroleum (IPP) will cease to operate as a bunker supplier in the port of Singapore with immediate effect.
“Inter-Pacific had filed for judicial management at the High Court of the Republic of Singapore and a judicial manager has since been appointed,” the MPA said.
“With the appointment of the judicial manager, Inter-Pacific has failed to meet the terms and conditions of the bunker supplier licence, leading to its revocation.”
The latest move by the MPA follows its earlier revocation of IPP’s bunker craft operator licence in October 2019 due to “bunkering malpractices”.
The MPA said it takes a “serious view of contraventions” of the licence terms and conditions, and will suspend or revoke the relevant licence where necessary.
French bank Societe Generale is currently waging a court battle over more than $90m it claims it lost in a credit scam on a series of “alleged sham bunkering transactions”.
Lawyers for the bank’s Singapore branch are reported to have been chasing assets to recover their client’s cash in the courts of London, Hong Kong and Singapore.
The credit was reportedly issued to IPP and allegedly paid over to a series of other parties.
