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Brightoil closes audit, nomination, and remuneration committee, appoints new CEO

Following its delisting, Brightoil has decided to focus on its upstream business and have made structural changes to better develop the company in that direction.
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Hong Kong-based Brightoil Petroleum (Holdings) Limited (Brightoil) on Monday (4 January) appointed a new CEO, and made several internal changes to its company and management.

Appointment of Executive Director and Chief Executive Officer:

Xie Wenyan has been appointed executive director and chief executive officer of the company with effect from Friday, 1 January 2021.

 Xie will be focusing on the company’s upstream business following the discontinuance of its international trading & bunkering and marine transportation businesses, and the signing of the Zhoushan agreements for the disposal of the Zhoushan project.

Aged 57, Xie is a professor-level senior engineer with 33 years of experience in production and management of oil and gas field enterprises. Prior to joining Brightoil, Xie has worked in PetroChina Company Limited from September 1999 to October 2016 and his last position was general manager.

Previously in May 2019, Xie was appointed as an executive director of Brightoil and resigned in October 2019.

Dissolution of Audit Committee, Remuneration Committee and Nomination Committee

Following Brightoil’s delisting from the Hong Kong Stock Exchange on 20 October 2020 and following the Board’s restructuring set out above, the company finds it is no longer desirable to maintain its Audit Committee, Nomination Committee, and Remuneration Committee.

The Board announced the Committees were dissolved with effect from close of business on 31 December 2020.

Re-designation from Independent Non-Executive Director to Executive Director

Following the closure of various committees, Chan Wai Leung has ceased to be the chairman of Brightoil’s Audit Committee, a member of the nomination committee and a member of the remuneration committee

Chan has been redesignated from independent non-executive director to executive director of the company with effect from 1 January 2021.

Resignation of Non-Executive Directors and Independent Non-Executive Directors

The above development has led to the resignation of Dai Zhujiang and Zhao Liguo as Brightoil’s non-executive directors with effect 31 December 2020.

Additionally, Dr. Lo Wing Yan William, JP and Wang Tian have resigned as the company’s independent non-executive directors from close 31 December 2020.

Following the resignations of Dr. Lo and Wang as independent non-executive directors:

(a) Dr. Lo has ceased to be the chairman of the Remuneration Committee, a member of the

Audit Committee and a member of the Nomination Committee of the Company;

(b) Wang has ceased to be the chairman of the Nomination Committee, a member of the

Audit Committee and a member of the Remuneration Committee of the Company.

Related: Brightoil debt restructuring progresses, proceeds from vessel sales hindered by COVID-19
Related: Brightoil Petroleum publishes notice regarding winding-up application filed by creditor
Related: Brightoil to focus on upstream business in future development following HKSE delisting

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


Photo credit: Brightoil
Published: 5 January, 2021

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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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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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