China Merchants Bank Co., Ltd. (CMB), the Singapore branch of a bank incorporated in the People’s Republic of China, continues to build its case over a USD 9.2 million (exact: USD 9,239,459.80) bunker-related claim against Singapore-based Sinfeng Marine Services Pte. Ltd. (Sinfeng), according to a statement of claim dated March 2026 reviewed by Manifold Times.

After successfully obtaining ‘pre-action discovery’ of additional documents in 2021, CMB in 2024 started a legal suit against Sinfeng over allegations of deceit and misrepresentation, according to documents obtained from the Supreme Court.

CMB’s claim against Sinfeng stems from trade financing facilities extended to defunct Singapore bunker supplier Coastal Oil Singapore Pte Ltd (COS), which entered liquidation on 13 December 2018 after allegedly owing a total of USD 380 million to at least 10 financial institutions.

BACKGROUND

On 16 June 2017, CMB granted COS an uncommitted Export Invoicing Facility of USD 10 million (the Facility) to provide trade financing for COS’s export invoices relating to fuel oil and oil products sold to Sinfeng and/or its related company, Cosco Petroleum Pte Ltd.

On 29 October 2018, CMB received a drawdown notice from COS requesting use of the Facility to support the sale of 25,000 metric tonnes (+/- 5%) of Fuel Oil 380 CST or 500 CST, said to have been made between COS and Sinfeng on or about 26 September 2018 under contract TGS/1809-034.

The receiving vessels identified for the bunkering operation, allegedly conducted from 30 to 31 October 2018 at OPL Malaysia, were the KAZIMAH III, GREEK WARRIOR, GLORIC, WEDYAN and SKOPELOS.

CONTRACT TGS/1809-34 MISSING, BUT LATER FOUND

Following COS’s liquidation, CMB notified COS on 14 December 2018 the USD 10 million Facility had been cancelled and terminated with immediate effect, and demanded immediate repayment of all sums due, owing or payable under the Facility.

On the same day, representatives of the bank visited Sinfeng’s office, where they were told that contract reference number TGS/1809-34 between COS and Sinfeng could not be located.

However, on 16 January 2019, CMB’s lawyers learned from a Sinfeng representative that the Defendant had entered into a sale contract with COS on or around 26 September 2018 under the same reference number, TGS/1809-34, but on different contractual terms.

The Sinfeng representative further stated that the company had paid COS in full for the supplies allegedly made under TGS/1809-34 and that the bunkering operation had been duly performed.

ALLEGED BUNKERING OPERATIONS DID NOT TAKE PLACE

Contrary to Sinfeng’s assertion bunkering operations took place from 30 to 31 October 2018 at OPL Malaysia, records from a maritime database providing vessel-tracking information indicated otherwise:

• The KAZIMAH III was in the Middle East on or around 30 to 31 October 2018 and not in Malaysia.
• The GREEK WARRIOR was reported to have been broken up on or about 9 June 2013 and hence was no longer in existence.
• The GLORIC was reported to have been broken up on or about 1 October 1984 and hence was no longer in existence.
• The WEDYAN was in India on or around 30 to 31 October 2018 and not in Malaysia.
• There were two vessels named SKOPELOS but neither of them was in Malaysia on or around 30 to 31 October 2018. One of them was transiting from India to Nigeria and another was transiting from the United States of America to Venezuela.

REQUEST FOR ‘PRE-ACTION DISCOVERY’ OF DOCUMENTS

Following earlier legal proceedings initiated on 4 October 2019, 29 June 2020, and 9 October 2020 seeking pre-action discovery against Sinfeng, the court ultimately ordered Sinfeng on 11 January 2021 to provide additional documents to CMB.

CMB investigators initially sought documents including email correspondence, invoices, bunker delivery notes and purchase nominations that would show the bunker supply purportedly took place via the receiving vessels on or around 30 to 31 October 2018 at OPL Malaysia, but were unable to do so because the bunkering operations allegedly did not occur.

According to court documents, additional disclosures showed the following:

The documents disclosed by the Defendant also reflected that the purported CIA Contract had not been negotiated or entered into or made on or around 26 September 2018 (or at all) and the Defendant had not executed the Acknowledgment of Notice on or around 30 September 2018.

Instead, the documents disclosed showed that COS had only sent an incomplete copy of the purported CIA Contract dated 26 September 2018 (without Annexure 1 and/or Schedule 1 thereto) to the Defendant on or around 26 October 2018 (i.e. one working day prior to the 29 Oct 2018 Meeting), and the Defendant did not execute the same.

COS had also only sent the Acknowledgment of Notice to the Defendant on or around 26 October 2018, and had done so without providing the Defendant with the Notice of Assignment.

CONSPIRACY AND/OR TORTFEASOR SHIP BY COMMON DESIGN

CMB further alleged Sinfeng and COS conspired to carry out trading loops to induce the bank to extend funds to COS and permit drawdowns under the USD 10 million Facility.

Amongst other allegations, CMB claims: “The Defendant assisted in such deceit and/or fraudulent misrepresentation by COS when it signed and returned the Acknowledgment of Notice and/or by its conduct at the 29 Oct 2018 Meeting where it counter-signed a copy of the same.”

Accordingly, on 14 December 2018, the bank set off USD 99,046.98 from COS’s account held with CMB. On 7 January 2019, the bank filed a proof of debt with the liquidators for USD 9,872,705.86, plus interest. On or around 8 August 2024, the bank received SGD 819,653.24 (approximately USD 597,850.65) from distributions made in COS’s liquidation.

Taking into account the matters above and the distributions received, the bank says it has suffered loss and damage of at least USD 9,239,459.87.

A chronological overview of the developments leading to the current case has been compiled by Singapore bunker publication Manifold Times below:

Related: DBS Hong Kong building case against Sinfeng over alleged ‘fraudulent misrepresentation and/or conspiracy’
Related: Sinfeng Marine wins appeal to withhold additional documents from Coastal Oil liquidators
Related: Sinfeng appeals against release of Coastal Oil contract docs; China Merchants Bank suspects fraud
Related: Former CFO of defunct bunkering firm Coastal Oil Singapore receives nine-year jail sentence
Related: Former Coastal Oil CFO admits to defrauding eight banks of USD 320 million in loans
Related: Singapore: Former Coastal Oil employees face forgery charges over fake sales contracts
Related: Coastal Oil hearings progress, court grants liquidators access to Sinfeng documents
Related: China Merchants Bank legal suit with Sinfeng over alleged $13 million debt progresses
Related: Fraud suspected in Coastal Oil Singapore case, says COSCO
Related: Coastal Logistics owned “Atalanta”, “Babylon” to undergo auction
Related: Singapore: Bunker tanker “Coastal Mercury” arrested
Related: Heng Tong Fuels & Shipping in court over DBS Bank bunker tanker loan
Related: Coastal Logistics owned MR tanker “Babylon” arrested
Related: Fraud suspected in Coastal Oil Singapore case, says COSCO
Related: Coastal Oil Singapore: Creditor list surfaces in bunker market
Related: Singapore: Bunker tanker “Coastal Neptune” arrested
Related: Coastal Oil Singapore creditors meeting scheduled on 10 Jan
Related: Coastal Oil Singapore in US $380 million debt to at least 10 banks
Related: Singapore: Coastal Logistics owned MR tanker “Atalanta” arrested
Related: Heng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market
Related: Coastal Oil Singapore to hold creditors meeting on 28 Dec
Related: Breaking news: Coastal Oil Singapore under liquidation

Photo credit: Manifold Times
Published: 8 June 2026

Singaporean Kwek Kee Seng, who had a USD 5 million bounty offered by the US government on his whereabouts, was sentenced to 30 months’ jail and fined SGD 80,000 for his involvement in the shipment of gasoil, a prohibited export item, to the Democratic People’s Republic of Korea (DPRK).

According to The Straits Times on Tuesday (7 April), Kwek pleaded guilty to three counts of flouting UN sanctions, one count for receiving the criminal benefits and another for obstructing the course of justice. 

Kwek was involved in a 2019 scheme to supply more than 12,000 metric tonnes (mt) of gas oil to North Korea, despite knowing such transactions were prohibited under international sanctions. In total, the fuel shipments were worth about USD 6.9 million.

The court heard that Kwek played a key role, helping Taiwanese parties arrange vessels, source the oil supplier and coordinate ship-to-ship transfers. He also relayed instructions to ship captains and reviewed reports prepared by them, all while operating remotely.

He used his companies, including Swanseas Port Services and Anfasar Trading, to facilitate payments and logistics linked to the operation. 

The scheme eventually drew international attention with the FBI offering a USD 5 million reward for information on Kwek in 2021. 

In sentencing, the court said Kwek played a “significant” coordinating role, linking multiple parties involved in the illicit network, even though he was not the mastermind.

Related: US government offers USD 5 million reward for Singaporean over DPRK petroleum dealings
Related: Singaporean, accomplice and three related firms charged over DPRK gasoil shipment
Related: OFAC adds Singaporean, local firms in sanctions list over DPRK petroleum dealings

Photo credit: U.S. Department of State
Published: 9 April, 2026

The founder of collapsed oil trading company Hin Leong Trading, Lim Oon Kuin, was taken into custody at Gleneagles Hospital in Singapore to begin his 13.5-years prison sentence, according to CNA on Thursday (2 April). 

Lim, widely known as OK Lim, 84, had been due to surrender at the State Courts on 1 April, but was hospitalised three days earlier after experiencing breathing difficulties.

His son told The Straits Times that the family found Lim disoriented and was struggling to breathe at home, and doctors are still conducting tests to determine the cause. 

His counsel successfully applied to defer the start of his sentence, with bail extended until 3pm on 2 April.

However, Lim did not appear at Singapore’s State Courts on the day. As he was not discharged by 12pm, authorities required him to surrender at the hospital instead. 

Lim’s jail term had been reduced on appeal from 17.5 years, with the court noting his advanced age and low likelihood that he would reoffend.

In November 2024, Lim was sentenced for three charges of cheating and forgery at the State Courts of Singapore after a lengthy trial. 

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.

These three charges concern two fraudulent discounting applications made by Hin Leong to the Hongkong and Shanghai Banking Corporation Limited (HSBC), pursuant to which HSBC disbursed a total of USD 111,683,939 to Hin Leong.

Related: Singapore: Hin Leong Trading Founder OK Lim hospitalised days before jail term begins
Related: Singapore: Hin Leong Founder OK Lim gets jail term slashed to 13.5 years
Related: Hin Leong Founder O.K. Lim sentenced to over 17 years in jail for cheating, forgery
Related: Singapore: Hin Leong Trading Founder found guilty of cheating and instigating forgery charges

Photo credit: Manifold Times
Published: 6 April, 2026