According to the liquidators, the trade financing came from Malayan Banking (Maybank) and the Singapore branch of Societe Generale (SocGen), IPP’s two largest creditors. It consisted of US$146 million drawn down for cargo trading operations, and US$10.5 million drawn from SocGen’s facility for IPP’s bunkering operations allegedly when IPP was “balance-sheet insolvent”.
Senior Counsel Lok Vi Ming, who represents Deloitte & Touche, IPP’s judicial managers turned liquidators, questioned why Dr Goh “failed to inquire and investigate a large amount of receivables – US$132 million – allegedly owed to IPP by Mercuria Energy Trading”.