Legal

KS Energy and KS Drilling placed under IJM; OCBC faces USD 282 million exposure

OCBC has lost all confidence in the companies’ management and is looking to recover payments for some loans including a “Jumbo Loan” of about USD 282 million.

Published

6 years ago

September 25, 2020

Admin

Editor: The following article is a summary of the full 14-page judgement from the High Court of the Republic of Singapore. The complete document published on 18 September 2020 is available here.

The High Court of Singapore has on Friday (18 September) granted Oversea-Chinese Banking Corporation Limited’s (OCBC) application for KS Energy Limited (KSL) and sister company KS Drilling Pte Ltd (KSD) to be placed under interim judicial management, according to a court document seen by Manifold Times,

According to the document, OCBC has over the past decade, extended several loan facilities to the KSE Group including a “Jumbo Loan” amounting to USD 282 million (exact: USD 282,283,332.20) in July 2010, and a further “bridging loan” of USD 5 million in July 2017.

KSE executed a deed of guarantee dated 27 July 2010 in respect of the Jumbo loan for up to USD 150 million, as well as a further deed of guarantee dated 9 September 2017 in respect of the July 2017 “bridging loan”.

The court acknowledged that between 2016 and 2019, the KSE Group faced financial difficulties where in 2019 the reported loss after tax for the KSE Group nearly doubled to USD 104.4 million from 2018, while KSD recognised a loss before tax of USD 40.7 million in its unaudited financial statements for2019.

Compounding KSE Group’s difficulties, Kris Wiluan, the then Chairman of the KS Companies and CEO of KSE was charged with 112 charges on 5 August 2020 for engaging in false trading and market rigging of KSE shares, noted the Court.

Kris Wiluan has since resigned from the management positions and been replaced by his son Richard James Wiluan, who was the Executive Director of KSE and CEO of KSD at the time.

Given the circumstances outlined, OCBC said it has “lost confidence” in the management of KSE and KSD and applied for the companies to be placed under interim judicial management.

OCBC alleges the KSE Group continues to suffer heavy losses, and has withdrawn support moving forward.

It also alleges KSD is “burning through slightly over USD 1,000,000 per month in manpower and maintenance costs associated with its fleet of rigs”.

The hearing for the companies to be placed under judicial management has been scheduled for Tuesday (13 October), 2.30 pm at the Singapore High Court.

Photo credit: Manifold Times
Published: 25 September, 2020

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.

Published

14 hours ago

July 21, 2026

Admin

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.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

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.

Published

14 hours ago

July 21, 2026

Admin

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.

Photo credit: Drew Beamer
Published: 21 July, 2026

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.

Published

6 days ago

July 16, 2026

Admin

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