Ocean Princess Tanker

by Jessica Jaganathan (Reuters)– The court-appointed supervisor of Singapore Ocean Tankers is looking for to recover concerning $19 million from the Lim family members supervisors of the company, that supposedly moved the funds from the delivery firm to their accounts in April, court papers reveal.

The acting judicial supervisors from EY claimed the Lim family members “breached their fiduciary duties” by moving the funds when Ocean Tankers was bankrupt.

Ocean Tankers, possessed by Oon Kuin Lim, creator of embattled oil company Hin Leong Trading Pte Ltd, as well as his little girl Lim Huey Ching, was positioned under acting judicial monitoring on May 12.

The EY supervisors claimed in a declaration of case submitted in the Singapore High Court that the family members had actually stopped working to make certain that the company’s properties were not dissipated or manipulated for their very own advantage to the bias of the rate of interests of the company’s financial institutions.

It affirmed that O.K. Lim had actually advised Ocean Tankers to move the funds in 2 purchases to himself, his little girl as well as boy Lim Chee Meng, a supervisor at the firm, stating they were partial settlements of an investor’s funding.

EY as well as its attorney in this situation, the Lim family members’s attorney as well as Lim Chee Meng did not instantly react to e-mails asking for remark.

Ocean Tankers declared a financial obligation halt on April 17 and afterwards judicial monitoring in very early May.

Under judicial monitoring, a court assigns independent supervisors to run the events of an economically troubled firm instead of existing monitoring, a relocation that is frequently considered positively by financial institutions.

Founded in 1978, Ocean Tankers takes care of as well as runs a fleet of virtually 150 vessels varying from seaside barges to huge unrefined service providers, which are primarily possessed by the Lim family members, according to court papers as well as the firm’s web site.