Wiluan family loses bid to stop JM order on KS Energy

High Court grants OCBC's application to place ailing Singapore-listed oil services firm under judicial management

Anita Gabriel

Published Tue, Oct 13, 2020 · 09:50 PM

Singapore

A SECOND attempt by Indonesia's Wiluan family to fight OCBC's bid to place KS Energy and a key unit under judicial management (JM) failed on Tuesday.

In a two-hour JM hearing at the Singapore High Court that was hotly contested by the management of the beleaguered firm, Justice Aedit Abdullah granted OCBC's application and placed a JM order over the ailing Singapore-listed oil services firm.

The court appointed Deloitte & Touche's Andrew Grimmett and Lim Loo Khoon as judicial managers of KS Energy and a key operating subsidiary KS Drilling (KS Companies). Both were earlier, on Aug 31, appointed the group's interim judicial managers (IJMs).

The latest development is a major blow to Indonesian tycoon and KS Energy founder Kris Wiluan, who had resisted the JM bid, and is separately facing 112 charge…