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Argus Media: Hontop Energy fraud allegations add to Singapore trading woes

BP told CIMB[…] that the purported contracts between it and Hontop appeared to be ‘fabrications’ and CIMB is ‘apparently a victim of Hontop’s fraudulent conduct’.

Jul 08 2020

Supply vessel “Nordic Barakuda” sold by Singapore Supreme Court for USD 980,000

Indonesian-flagged offshore supply vessel was arrested at Singapore port in May 2019 over an alleged dispute over payment for goods and services.

Jul 07 2020

CIMB requests for Hontop Energy restructuring amid suspicious transactions with BP

CIMB is looking to recover USD 105 million that it has lent to the company and Hontop owes approximately USD 470 million to seven creditors, reports Reuters

Jul 06 2020

Singapore: Jeddah-based National Bunkering Company Limited seeks bunker claim for “Nord”

Claiming USD 108,887.87 for the supply and delivery of 310.00 mt of low sulphur marine gas oil at the Port of Jeddah on or about 23 February 2020.

Jun 30 2020

Adams and Reese LLP: Fifth Circuit Limits Bunker Suppliers’ Maritime Lien Rights

Bunker suppliers should consider how to contractually secure maritime liens against bunker tanker and the receiving vessel which the bunkers are ultimately bound.

Jun 30 2020

Update: Hearing date set for HSBC application to place Zenrock under judicial management

Messrs Wong Pheng Cheong Martin, Bob Yap Cheng Ghee and Toh Ai Ling of KPMG Services Pte. Ltd. have been nominated to act jointly as Judicial Managers.

Jun 29 2020

PwC probes uncover mass grave of financial skeletons and alleged fraud within HLT

Hin Leong unlikely to restructure independently as probes uncover rampant practice of fraud on a “massive scale” to conceal debts, reported The Business Times

Jun 24 2020

MMEA Kemaman detains suspicious oil tanker selling bunker fuel to illegal fishing boats

“We had already received an anonymous tip off that there were ships in Terengganu illegally selling bunker fuel to Vietnamese fishing boats […],” said Commander.

Jun 22 2020

Malaysia: MMEA Melaka detains Liberian flagged oil tanker “MT Marquessa”

The 104,592 dwt tanker was discovered by the MMEA patrol team at 4.00 p.m. on Friday (19 June), 4.8 nautical miles west of Daya Bandar Hilir.

Jun 22 2020

Singaporean MD on FBI most wanted list charged with fraud over North Korean dealings

Tan was allegedly charged for 20 counts of forgery to cover his tracks from banks after having sold sugar to parties from North Korea from his company, reports CNA.

Jun 22 2020

Malaysia: PPM Bintulu seizes “Benawa No. 1”, confiscates 32,000 litres of illegal diesel oil

Patrol team members spotted the vessel about 7.09 nautical miles from Kuala Bintulu; PPM estimates the value of the confiscated lot to be around MYR 1,561,960.

Jun 18 2020

Winson Group seeks SGD 30.4 million from Standard Chartered over HLT related trade

This is Winson’s second dispute with a bank for the same amount (SGD 30.4 million) over diesel trades that it made with the financially troubled HLT.

Jun 18 2020

Zenrock assents to HSBC’s application for it to be placed under judicial management

The court has allegedly granted HSBC’s bid for Zenrock to be placed under judicial managers from KPMG and the hearing is set for 13 July, 2020.

Jun 18 2020

Wife of Coastal Oil’s Tan Sing Hwa saddled with debt to the tune of USD 131 million

Based on the ironclad terms of a jointly held loan of USD 1.94 million, wife of Tan Sing Hwa is now liable for separate loans taken out for Coastal Oil HK and Singapore.

Jun 17 2020

Singapore: CIMB Bank loses USD 5.7 million claim against WFS over Panoil debenture

‘As CIMB did not prove the authenticity of the Debenture, I dismissed its claims,’ concluded a High Court of the Republic of Singapore Judicial Commissioner.

Jun 17 2020

Magnets on MFMs: Driver posed as Southernpec bunker crew to commit MFM tampering

Chua Yew Hui, Andy pleaded guilty for conspiring with six others to using magnets for tampering with the MFM unit during bunkering operations for Southernpec.

Jun 16 2020

Singapore: Former Coastal Oil employees face forgery charges over fake sales contracts

Ong Ah Huat was the former CFO of Coastal Oil Singapore, while Huang Peishi was a former treasury manager at the company, reports The Straits Times.

Jun 12 2020

Vietnam: Coast Guards remand two fishing boats for conducting illegal oil transaction

KG 90436 TS and KG 94522 TS were discovered sailing suspiciously close together at 3.00 pm on Tuesday (9 June) at the Southwestern region of Kien Giang.

Jun 12 2020

Indonesian navy forced to open fire at vessel illegally collecting oil at Indonesia OPL

KM Tenggiri was behaving aggressively and ignored the navy’s first two warning shots, forcing them to fire at the vessel’s left hull as it escaped into Singapore waters.

Jun 10 2020

Singapore: Coastal Oil hearings progress, court grants liquidators access to Sinfeng documents

Sinfeng Marine Services filed an application to the Court of Appeal to withhold information from the liquidators on October 2019; the appeal was dismissed a month later.

Jun 10 2020

Gard: Bunker supply contracts – key considerations for the buyer

Sellers’ terms often incorporate fixed limits on sellers’ liability, exclusions for certain losses, short time bars for buyers’ claims, and legal clauses in sellers’ favour.

Jun 09 2020

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