Indonesian tycoon Kris Wiluan's firm faces winding up over unpaid loans worth $326m

KS Energy executive chairman and chief executive Kris Wiluan was hit with 112 charges over alleged market rigging and false trading on Aug 5. When queried by SGX on Aug 6, the firm defended his suitability to remain as head of the group.
KS Energy executive chairman and chief executive Kris Wiluan was hit with 112 charges over alleged market rigging and false trading on Aug 5. When queried by SGX on Aug 6, the firm defended his suitability to remain as head of the group.ST PHOTO: WONG KWAI CHOW

OCBC issues letters of demand to offshore marine firm and its eight units over outstanding loans

Troubled offshore marine company KS Energy has been dealt another blow after creditor OCBC issued letters of demand to the firm and its eight units to pay up outstanding loans of US$230.7 million (S$316.3 million) and $10.3 million, or face legal action including a possible winding up.

KS Energy, in a filing to the Singapore Exchange on Wednesday, said that, with the letters of demand, the company "is unable to reasonably assess its financial position".

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A version of this article appeared in the print edition of The Straits Times on August 14, 2020, with the headline 'Tycoon's firm faces winding up over unpaid loans worth $326m'. Print Edition | Subscribe