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Deutsche Bank America enters settlement with OFAC over Ukraine fuel oil transactions

On August 6, 2015, DBTCA processed a USD 28.85 million funds transfer through the United States involving Ukraine sanctioned IPP Oil Products (Cyprus) Limited.
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The United States Department of the Treasury (USDT) on Wednesday (9 September) said the Office of Foreign Assets Control (OFAC) has entered a total $583,100 settlement with Deutsche Bank Trust Company Americas (DBTCA).

The first settlement saw DBTCA agreeing to pay $157,500 for processing a large payment, related to a series of purchases of fuel oil, through the United States that involved a property interest of Ukraine sanctioned company IPP Oil Products (Cyprus) Limited (IPP).

On August 6, 2015, DBTCA processed a USD 28,849,038.39 funds transfer through the United States involving a property interest of IPP. 

Although the payment instructions associated with this transaction did not contain an explicit reference to a person (individual or entity) on OFAC’s SDN List or to a country or region subject to comprehensive sanctions, the payment was related to a series of purchases of fuel oil that involved IPP. 

According to USDT, DBTCA did not conduct further due diligence. It processed the transaction based on statements of IPP’s U.S. counsel based on its belief that IPP’s interest in the transaction had been extinguished, it added. 

Despite verbal assurances made to DBTCA from IPP’s U.S. counsel that IPP’s title to the fuel oil was transferred prior to IPP’s designation, OFAC said it has determined that IPP nonetheless had an interest in the transaction. 

“Financial institutions should take a risk-based approach to sanctions compliance,” explained USDT.

“In this instance, DBTCA was aware that it would be receiving a large funds transfer related to a series of transactions that at some point involved an SDN. 

“OFAC would have expected DBTCA take steps to corroborate independently the representations it received in order to assure itself that IPP did not have a present, future, or contingent interest in the payment it was requested to process, regardless of its time sensitivity.”

Separately, in the second settlement, DBTCA agreed to remit $425,600 for processing payments destined for accounts at a designated financial institution. 

Between December 22, 2015 and December 30, 2015, DBTCA processed 61 transactions totaling $276,742.90 destined for accounts with Krayinvestbank, a designated entity under Ukraine sanctions. 

Despite each payment containing Krayinvestbank’s Society for Worldwide Interbank Financial Telecommunication (SWIFT) Business Identifier Code (BIC) and an almost identical match to the bank’s name and address, all of which were included on the SDN List at the time of designation, DBTCA processed the majority of the payments on a straight-through basis without manual intervention, said USDT.

As part of its settlement with OFAC, DBTCA has agreed to maintain compliance procedures by ensuring its management team conducts risk assessments in a manner, and with a frequency, that adequately account for potential risks. 


Photo credit: Ken Chan
Published: 10 September, 2020

 

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Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

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July 21, 2026

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RESIZED Sora Shimazaki on Pexels

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July). 

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions. 

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Related: Singapore: Hin Leong Founder OK Lim gets jail term slashed to 13.5 years

 

Photo credit: Sora Shimazaki
Published: 21 July, 2026

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Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

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July 21, 2026

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RESIZED Drew Beamer

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

  • That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

  • that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
  • that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
  • that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd. 

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Related: Singapore: Director declares Heng Tong Fuels & Shipping’s inability to continue business
Related: Heng Tong Fuels & Shipping in court over DBS Bank bunker tanker loan
Related: Singapore: Bunker tanker “Coastal Neptune” arrested
Related: Heng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market

 

Photo credit: Drew Beamer
Published: 21 July, 2026

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Winding up

Singapore: Liquidator of Nan Shan Maritime Pte Ltd issues notice of dividend

Third interim dividend to admitted unsecured claims of Nan Shan Maritime is payable from 15 July, according to Government Gazette notice.
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6 days ago

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July 16, 2026

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RESIZED Drew Beamer

A notice of dividend for Nan Shan Maritime Pte Ltd, which is currently in creditors’ voluntary liquidation, was published on the Government Gazette on Wednesday (15 July). 

The following are the details of the notice:

Name of Company : Nan Shan Maritime (Pte.) Ltd.(In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 201701967H
Address of Registered Office : 10 Anson Road, #10-10, International Plaza, Singapore 079903
Amount per centum : 5.00 Per Centum of all admitted unsecured, claims
First and Final or Otherwise : Third Interim
When Payable : 15 July 2026
Where Payable : Entitlements will be made by way of cheque.

 

Photo credit: Drew Beamer
Published: 16 July, 2026

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