Wilhelmsen files creditor claim in Sails liquidation

The dim prospect of a shareholder dividend from liquidated South Africanregistered SA Independent Liner Services (Sails) notwithstanding, major investor Lonrho is understood to have filed a creditor claim of around US$40 million. The first meeting of creditors, presided over by the Master of the Cape High Court, has been postponed from February 2 to an unspecified date, apparently over an advertising gremlin. As Darusha Moodliar, a director of liquidators Sanek Trust Recovery Services, told FTW (January 9/16) there may be a “danger for contribution” by creditors, rather than a dividend. “There are lots of claims but I am not entertaining any until I am absolutely sure there is going to be a dividend.” Moodliar confirms at this stage there are one or two claims against Sails by foreign creditors in the US and that bunker supplier Wilhelmsen is one. Ian Wicks, founder and former MD of Sails, also names Wilhelmsen in respect of a claim against Lonrho for something like US$1.6 million for bunkers supplied to a chartered vessel in Europe and South Africa. “I understand also that one of the ship owners, Hamburg-based NSC, is applying to the New York courts for US$1.8 million or US$1.9 million in respect of income losses suffered due to its Taga Bay charter cut short by liquidation.” So why the necessity for US jurisdiction, FTW wants to know? Explains Moodliar: “Sails had agents all over the world and some of them had monies to the credit of Sails.” Wicks says he has had no communication of any nature from Lonrho but reflects on what may have been, had Sails still been afloat today. “I believe Sails could have been profitable, perhaps US$60 million turnover for the year, given we achieved something like US$38 million up to my suspension last June.” He reiterates that even though he was a substantial single investor in Sails, he will not lodge a claim against the defunct company, (aside from a personal R160 000-odd in respect of overdue salary and leave pay). No point in claiming shareholder monies that aren’t there, he said. • FTW approached Lonrho and Wilhelmsen Premier Marine Fuels, Cape Town, concerning the US law suits in which they are reportedly involved but neither chose to respond at the time of this writing, three days later.