Singapore bunker company facing liquidation
Singapore's Onsys Energy Pte Ltd (Onsys) is facing liquidation after legal action was brought against it last month by TH KMG Singapore who is owed around $17 million by the bunker company, Platts report.
Citing documents from the Singapore Supreme Court, TH KMG was said to be "very concerned about the state of the company [Onsys], its operations as well as the conduct of its directors."
A previous ruling on the matter had ordered Onsys to pay TH KMG the full sum owing as well as interest of 5.33% per annum from August 9, 2012, until all payments plus interest are made in full.
One of Onsys' debtors told Platts that KPMG Services, the firm's appointed liquidator, had notified it by letter on Tuesday that it should formally make any claims for monies owed by the company.
Onsys is also facing legal claims from "at least five other parties," according to the documents, namely, Scandinavian Bunkering (Singapore) Pte Ltd, GSM Maritime Pte Ltd., Golden Star Marine Pte Ltd., Pegasus Maritime (Singapore) Pte Ltd, and Raiffeisen Bank International AG, Singapore Branch.
Raiffeisen Bank International has already claimed $2.26 million and $8,120 from Onsys as part of a separate legal suit.
The court documents also noted that Onsys appeared to be planning to cease operations completely by the end of December and had been in the process of terminating staff positions during that month.
