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Brightoil Petroleum Holdings responses to cancellation of company shares on HKSE

‘The Board accepts the resumption conditions have not been fulfilled and there are uncertainties as to whether the conditions could be fulfilled by end 2020,’ it said.
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Brightoil Petroleum (Brightoil) Holdings Limited on Friday (16 October) published an announcement on the cancellation of its listing, as required by the Stock Exchange of Hong Kong.

Along with a summary of events that transpired since trading in Brightoil’s shares were suspended on 3 October 2017, the company also published steps it has taken to satisfy the resumption conditions set by the Listing Review Committee, its response to the listing committee’s decision, as well as the status of its shares.

Brightoil said it submitted to the Listing Review Committee that it used its best endeavor and had substantially implemented steps to satisfy the resumption conditions and restructure its outstanding liabilities and business operation. 

However, its efforts were jeopardised by the Covid-19 outbreak, which halted the completion of audit, prolonged negotiations with creditors and buyers of its assets.

Brightoil added it further submitted to the Listing Review Committee the following steps to satisfy the resumption conditions: 

  • HLB Hodgson Impey Cheng Limited was appointed as the new auditor of Brightoil with effect from 23 January 2020 to fill the casual vacancy following the resignation of PwC in order to continue the audit work for the outstanding financial results;
  • Brightoil had engaged RSM Corporate Advisory (Hong Kong) Limited (RSM) to conduct forensic review on the various back-to-back trading or indent sales transactions conducted by Brightoil Petroleum (Spore) Pte. Ltd. (BOPS) during the financial year ended 30 June 2017.
    • The forensic investigation report was issued and the announcement for key findings of the forensic review was published on 31 January 2020.
    • RSM was further engaged to prepare a supplemental forensic investigation report for the financial year ended 30 June 2018
    • The report was issued and the announcement on findings of the Supplemental Report was published on 17 September 2020;
  • Brightoil had published the audited annual results announcement and annual report for the year ended 30 June 2017 on 14 August 2020 and 11 September 2020 respectively.
    • Subsequently, the unaudited interim results announcement for the six months ended 31 December 2017 was published on 17 September 2020;
  • Brightoil’s continuous negotiations with its creditors had resulted in settlement agreements and loan restructuring agreements having been entered into between the company and several creditors.
    • Upon completion of the debt restructuring, the total debt amount would be substantially   reduced with various loans extended from 1 to 12 years;
  • All Brightoil vessels have been sold to raise funds to repay outstanding debt owned by the company, and the company was in the process of disposing majority of its interests in the oil storage and terminal facilities in Zhoushan to raise further funds to repay partial outstanding debts.

“The Board accepts that the resumption conditions have not been fully fulfilled and there are uncertainties as to whether all the conditions could be fulfilled by the end of 2020,” said Brightoil in the announcement.

“Nevertheless, the Board will continue their efforts to work diligently to maximise the value of the company by continuing to complete its current debt restructuring initiatives and operate its current business operations and complete the disposal of Zhoushan oil storage project.”

“All Brightoil shareholders and investors should note that after 19 October 2020, the last day of listing of the shares on the Stock Exchange, whilst the share certificates of the shares shall remain valid, the shares will not be listed on, and will not be tradeable on, the Stock Exchange.”

Earlier developments of Brightoil (since late 2017 to date) can be found in the search results here. 


Photo credit: Brightoil Petroleum
Published: 19 October, 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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16 hours ago

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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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LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

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July 21, 2026

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PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions. 

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post. 

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024. 

 

Photo credit: Pacific International Lines
Published: 21 July, 2026

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