Certain entities of Vallianz Group have recently received letters from the interim judicial managers of Swiber Holdings and its subsidiary, Swiber Offshore Construction (SOC), the company said yesterday.
The letters are asking for payments of about US$63.5 million (S$86.5 million), which the interim judicial managers say the entities owe Swiber. The letters also ask for statements of accounts from these entities to Swiber.
The Vallianz entities have declined to pay the amounts, the Vallianz Group said yesterday. Vallianz said it explained to the interim judicial managers on Aug 25 that there has been substantial commercial dealings between the Vallianz Group and the Swiber Group.
"As a result of these activities, the Vallianz Group would more often than not have receivables due from the Swiber group," it said.
The two groups have long had the practice of extending credit to each other with no fixed term of repayment, and eventually netting off any receivables and payables between the two.
As such, receivables owed by Swiber to the Vallianz Group "must be taken into account when payments for the amounts are requested by the Swiber Group of the relevant Vallianz entities", Vallianz said.
The Vallianz Group had trade receivables and other receivables due from Swiber entities of about US$65.92 million as at June 30, while it had trade payables and other payables owing to Swiber entities of about US$67.34 million.
Vallianz is awaiting a response from Swiber's interim judicial managers and will make further updates when appropriate, it said.
Post Luxembourg and Singapore Post (SingPost) signed an agreement yesterday to collaborate in the area of e-commerce logistics.
Under the deal, which takes effect at the end of this month, Post Luxembourg will be a new European gateway for SingPost while SingPost will be Post Luxembourg's new gateway to Asia.
Customers of both firms will benefit from comprehensive end-to-end e-commerce logistics solutions between Asia and Europe, the companies said.
For example, customers will enjoy end-to-end tracking of e-commerce shipments while delivery times will be more predictable.
The collaboration will strengthen Post Luxembourg's logistics business as part of a strategy to diversify its activities by developing new customers and services.
SingPost said it will boost its e-commerce logistics capabilities in Europe.