SINGAPORE – Tajik, which announced in 2017 the headline news for a meeting with the management board of the Condominium Ardmore Park, was declared bankrupt last week in the High Court in Hong Kong.
Dr. Sit Kvong Lam, who was listed as a billionaire in 2017 on the Forbes list, but gave up last year, gave a $ 30m personal warranty for the British bunker supplier Brightoil Petroleum Singapore bought by Petrolimek Singapore , based on two invoices collected in April last year. Petrolimek applied for a bankruptcy order against Dr Sit.
"This court is not satisfied that there is a reasonable probability that the debt will be paid either by Brightoil Singapore or the debtor within a reasonable time," said Hong Kong High Court Judge Peter Ng in a decision last week.
After bankruptcy, the Brightoil Petroleum Holdings group from Hong Kong, a group that deals with various oil and gas activities, announced on Tuesday (April 16th) that Sit Sit, MD, resigned as the company's president and CEO last Thursday. He retired as the company's director and as director in various affiliates in the group.
Dr. Sit, who received his doctorate at the University of Nanjing, plans to appeal the order and seek reappointment for the director.
The self-managed tycoon has previously published the news. In 2017 he challenged the decision of the board of directors of the Ardmore Park, who asked him to remove the additives made on the outer facade of his penthouse.
He took the case to the top of the court. He lost the battle, but in this process, the Court of Appeal clarified the delicate question of what constitutes "common property" in the residential complex.
Dr Sit installed the tree deck without permission through the entire roof in front of his unit, and then claimed that the area was not an ordinary property – an argument rejected by the court.
His latest legal spat includes Brightoil Petroleum Singapore (BPS), owned by the parent holding company in Hong Kong. BPS owed Petrolimek 30.253.600 dollars in April last year, when Dr Sit rose to confirm himself that the amount will be paid three months later. When the July 10 deadline could not be respected, BPS committed to paying its obligations in four installments until November. Dr. Sit also extended his guarantee to cover the amount, but neither he nor BPS paid.
After the bankruptcy proceedings against Dr Sit began, his lawyers tried to expel them, but the judge did not find "any merit" in their arguments.
The judge pointed out that Dr Sit accepted that he would be liable for repayment, on the basis of his guarantee.
The Court was also not convinced that BPS would be able to organize refinancing in the future in order to repay the debt within a reasonable time.
When Dr Sit Bankrupt was declared, the court also ordered him to bear the court costs.
In the meantime, Petrolimek also launched a proceeding at the High Court in Singapore to conclude the BPS.
Petrolimek, a subsidiary of the Vietnamese National Oil Group, is trying to recover the $ 30 million it owes.
At a hearing before justice Aedit Abullah on Wednesday, Drev & Napier lawyer Blossom Hing, a BPS agent, has successfully pledged to extend his stay in all proceedings by the end of May to put forward restructuring proposals in order to stop the liquidation process.