The Singapore unit of Vietnamese oil trader Petrolimex has filed an application in the Singapore High Court to wind up marine fuel supplier Brightoil Petroleum Singapore Pte Ltd, according to a legal notice in The Straits Times newspaper dated Nov. 12.
In the notice, law firm Rajah & Tann Singapore LLP, describing itself as solicitors for the plaintiff, said the Vietnamese company was a creditor of Brightoil and the application would be heard on Nov. 23. A High Court official confirmed the hearing date.
Under Singaporean law, shareholders or creditors can apply to wind up a company with the goal of collecting and selling assets in order to pay outstanding debt, expenses or costs.
Petrolimex Singapore confirmed the authenticity of the notice but declined to comment further. Rajah & Tann Singapore did not immediately respond to emailed requests for comment.
The acting Chief Executive Officer of Brightoil Petroleum Singapore, Stephen Qi, told Reuters on Tuesday by e-mail the company’s operations remained normal and its lawyers were looking into the matter.
Port authorities in 2017 ranked Brightoil Singapore, a unit of Hong Kong-listed Brightoil Petroleum, as the 17th largest supplier of marine fuels in Singapore, the world’s largest marine refuelling hub.
Brightoil Petroleum suspended trading in its shares in October last year after delaying the release of its 2017 annual financial results. In July, the company said it was in early talks about the sale of some assets.