Mittals fight for control of Singapore subsidiary

Mittals fight for control of Singapore subsidiary

Mercator Lines (Singapore) has moved to suspend its stock from trading in the Lion Republic as Germany’s HSH Norbank applies for the appointment of interim judicial management.

While the Mittal’s Singapore-listed vehicle has attempted to restructure via a court-approved scheme of arrangement, HSH has applied to have the company placed under judicial management with a court hearing set for 20 November.

If Mercator wins its way the Mittals, a powerful Mumbai family, would remain in charge of the company whereas if the bank wins in court, the Singapore subsidiary will then be run by court approved managers.

Mercator and HSH have been at loggerheads for a number of months.

UPDATE: Mercator Lines (Singapore) has revealed a court hearing was brought forward to 17.00 hrs today and the judge threw out HSH’s demands to appoint an interim judiciary manager.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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