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DBS appoints receiver for Triyards unit

BT EXCLUSIVE

DBS Bank has appointed a receiver for a subsidiary of Ezra Holdings' yard operating arm Triyards. 

A document obtained by The Business Times stated that Justin Lim Loo Khoon of Deloitte & Touche has been appointed by the bank as receiver of Strategic Marine (S) Pte Ltd.  Mr Lim's appointment is said to have been effective since last Monday. 

DBS has 10 charges against Strategic Marine dated from March 2008 through to August 2017, according to the document. 

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The appointment of Mr Lim as receiver for Strategic Marine has surfaced after Triyards disclosed on Sept 7 the receipt of letters of demand for claims of about US$43.9 million from DBS.  

Creditors have piled up claims against Triyards even as the yard group secured fresh cash injections from its white knight investor, Ferrell Vanguard Fund SPC.  

Trading of Triyards shares have been suspended since September 2017 about six months after Ezra, an erstwhile stock market darling, filed for US Chapter 11 bankruptcy.