Legal

SGD 210,000 fine for ex-director and shareholder of Wee Tiong (S) Pte. Ltd.

Tan Wee Beng falsified the invoices of DPRK companies, the names of the end buyers and in some cases, the destination ports on the invoices.

Published

5 years ago

October 21, 2021

Admin

A 44-year-old male Singaporean, Tan Wee Beng, was convicted of seven counts of falsification of papers with intent to defraud under Section 477A of the Penal Code, according to a Wednesday (20 October) statement from the Singapore Police Force (SPF).

Tan Wee Beng is the managing director and a shareholder of a commodity trading company, Wee Tiong (S) Pte Ltd. He was sentenced to a fine of SGD 210,000 (in default seven months’ imprisonment). Another 13 similar charges were taken into consideration for sentencing.

Wee Tiong (S) Pte Ltd sold sugar and other goods to two persons from the Democratic People’s Republic of Korea (DPRK) through their respective companies prior to 2017, with payments for those sales made to Wee Tiong (S) Pte Ltd and its related company, Morgan Marcos Pte Ltd.

Investigations by the Commercial Affairs Department revealed that between November 2016 and October 2017, Tan Wee Beng received queries from two banks about deposits made to Wee Tiong (S) Pte Ltd and Morgan Marcos Pte Ltd.

These deposits were payments for sales of goods to the DPRK persons. Tan Wee Beng was concerned that the banks would terminate their relationship with the companies if either bank found out that Wee Tiong (S) Pte Ltd had transacted with entities linked to the DPRK.

To conceal this from the banks, Tan Wee Beng falsified the invoices of both companies. The names of the end buyers, and in some cases, destination ports on the invoices, were changed to remove any links to the DPRK. Tan Wee Beng then signed the false invoices and submitted them to the banks.

According to The United Nations (Sanctions-DPRK) Regulations 2010 prohibits any person in Singapore or citizen of Singapore outside of Singapore, from supplying, selling or transferring any designated export item or designated luxury item to any person in the DPRK, or procuring any designated import item from any person in the DPRK.

From 8 November 2017, the prohibition includes all commercially traded goods to or from the DPRK.

“The Regulations give effect to sanctions imposed by the United Nations Security Council on the DPRK. Singapore takes its obligations under the United Nations Security Council Resolutions (UNSCRs) seriously, and implements them fully and faithfully,” states the SPF..

“The Police take a serious view of persons who abuse Singapore’s financial system and will not hesitate to take swift action against the individuals or entities that breach our laws and regulations.”

Photo credit: FBI
Published: 21 October, 2021

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

10 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

10 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

5 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