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SINGAPORE -The Lim family-run Xihe Holdings and four of its vessel-owning units are being brought under “urgent” judicial management by creditor OCBC Bank, which “strongly distrusts (their) current management” after US$208.1 million (S$288 million) was transferred by the Xihe group to troubled oil trader Hin Leong “for no valid commercial purpose”, according to court documents seen by The Straits Times.
OCBC applied to the High Court on July 20 for Mr Seshadri Rajagopalan and Mr Paresh Jotangia of Grant Thornton Singapore to be appointed as interim judicial managers (IJM) for Xihe and four of its subsidiaries: Da Xin Tankers, Hua Guang Shipping, Nan King Maritime and Hua Xin Shipping.
Among the reasons OCBC cited is that the Lim family, which owns and manages the Xihe Group, has “admitted to and/or been found to have fabricated fictitious gains and forged documents on a massive scale, concealed massive losses, misused secured inventory and misled banks into extending financing to Hin Leong, causing (the) billion-dollar insolvencies of Hin Leong and Ocean Tankers”.
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