Yuantai Fuel Trading Pte Ltd, currently in compulsory liquidation , on 10 June 2026 filed a legal claim in the High Court of Singapore against Wee Tiong (S) Pte Ltd, seeking the recovery of USD 752,000 (exact: USD 752,288.81) over an alleged breach of contract for an outstanding vessel deposit. Including accrued interest, the total claim stands at USD 1.17 million (exact: USD 1,170,562.06), according to court documents obtained by Manifold Times . Background Yuantai Fuel Trading, formerly a bunker fuel supply company, entered into a contract on March 2018 with Picon Marine Pte Ltd to purchase the vessel M.T Pacific Ocean for USD 6.1 million; Wee Tiong Director Tan Wee Beng was also the sole Director of Picon Marine. As part of the agreement, Yuantai paid a deposit of USD 4.1 million into Wee Tiong’s bank account, which acted as Picon’s designated account. However, the vessel was not delivered within the agreed timeframe, leading to a termination agreement in April 2018. Under this agreement, the full deposit was to be refunded to Yuantai without deduction. Partial Refunds and Outstanding Amount Wee Tiong made several partial refunds between 2018 and 2020, totalling approximately USD 3.35 million. Despite these payments, a balance of USD 752,288.81 remains outstanding. Yuantai claims that interest on the unpaid sum, calculated at 5.33% per annum up to June 2026, amounts to an additional USD 418,273.24, bringing the total claim to USD 1,170,562.06. Legal Claims Yuantai asserts that Wee Tiong, acting as agent for Picon, breached the vessel contract and the subsequent termination agreement by failing to return the full deposit. The company also alleges unjust enrichment, as the deposit was paid for a vessel that was never delivered. On 3 June 2026, Yuantai issued a formal demand for payment, but no further funds have been received. The claim seeks the outstanding deposit, accrued interest, legal costs, and any further orders the court deems appropriate. Rela