Connect with us

Business

Agritrade’s former CFO gets 20 years’ jail for deceiving 16 financial institutions

Some 16 financial institutions granted at least USD 586.5 million in credit facilities to AIPL between January 2017 and November 2019, according to Singapore Police Force.

Admin

Published

on

state courts

Lulu Lim Beng Kim, former Chief Financial Officer (CFO) of Agritrade International Pte Ltd (AIPL), on Tuesday (17 January) was sentenced to an imprisonment term of 20 years, according to the Singapore Police Force.

She was convicted of the following charges on 9 December 2022 in the State Courts of Singapore:

  • 11 counts of cheating under Section 420 of the Penal Code (PC), Chapter 224; and

  • One count of falsification of accounts under Section 477A of the PC.

In January 2020, the Commercial Affairs Department (CAD) of the SPF commenced investigations into Ms Lim and others for trade financing fraud. The investigations concerned AIPL, a Singapore-incorporated company that carried on the business of trading in coal and palm oil among others, and the making of false representations and/or submitting fictitious documents to multiple financial institutions. 

From January 2020 to August 2020, the Police received multiple reports lodged by various entities including banks and finance companies which had extended credit facilities to AIPL for the purposes of trade financing.

Ms Lim left Singapore shortly after the commencement of investigations and an Interpol Red Notice was issued against her. The Police made extensive efforts to locate her with the assistance of multiple foreign counterparts and she was subsequently located and arrested in the United Arab Emirates (“UAE”). She arrived in Singapore in September 2021 via a flight arranged by the UAE authorities and was placed under arrest.

Investigations revealed that from 2016 to 2018, Ms Lim contacted or attempted to contact a director of an auditing and accounting firm to prepare draft consolidated financial statements for AIPL and its subsidiaries, using AIPL’s management accounts provided by her. From January 2017 to November 2019, Ms Lim instructed and/or permitted her subordinates in AIPL to forward documents that she had disseminated to them, including the falsified financial statements to the banks and finance companies.

Ms Lim deceived 16 financial institutions into believing that the consolidated financial statements for AIPL and its subsidiary companies for the financial years ended 30 June 2016, 30 June 2017 and/or 30 June 2018 were audited, a fact which she knew to be false. By such manner of deception, Ms Lim dishonestly induced the financial institutions to deliver money through credit facilities granted to AIPL. 

She also separately instructed her subordinate to insert a copy of the auditor’s signature into a document that falsely purported to be the audited consolidated financial statements of AIPL for the financial year ended 30 June 2018.

As a result, a total of 16 financial institutions granted at least USD 586.5 million in credit facilities to AIPL between January 2017 and November 2019. AIPL defaulted on these loans and the total loss suffered by the financial institutions amounted to around USD 469.1 million.

The majority of the money drawn from these credit facilities was transferred to three companies and their subsidiaries, which were purported to be legitimate suppliers of commodities traded by AIPL but were actually connected to AIPL in a material fashion. For example, members of AIPL’s senior management, including Ms Lim herself, had assisted in the incorporation of these three “suppliers” and their subsidiaries, and/or had been employed by them as directors. 

Various document templates and letterheads, as well as signature blocks and chops bearing the particulars of these three “suppliers”, were also discovered in AIPL’s premises.

Director CAD, David Chew said, “CAD would like to thank INTERPOL and our foreign counterparts for their assistance to arrest and send Lulu Lim back to Singapore to face justice for one of Singapore’s largest cases of trade financing fraud. Industry expertise was instrumental in the solving of this case. The Police would also like to thank the members of the Anti-Money Laundering/Countering the Financing of Terrorism Industry Partnership (ACIP) for their strong support in the investigations against AIPL.”

 

Photo credit: Manifold Times
Published: 20 January, 2023

Continue Reading

Alternative Fuels

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

Admin

Published

on

By

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels. 

The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029. 

They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean. 

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said. 

“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”

In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.

Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service. 

This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships. 

 

Photo credit: Yang Ming Marine Transport
Published: 4 September, 2026

Continue Reading

Alternative Fuels

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Both secured AiP for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Admin

Published

on

By

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Lloyd’s Register (LR) and the Marine Design and Research Institute of China (MARIC) on Thursday (3 September) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Announced at SMM 2026, the concept addresses one of the biggest investment challenges facing shipping today: the need to develop vessels and capabilities that can support a range of alternative fuel options and pathways as technologies, infrastructure and regulations evolve.

While LNG is already a mature fuel pathway, methanol and ammonia remain at an earlier stage of development, with questions around global fuel availability, infrastructure development, economics and long-term adoption.

The 114,000 DWT tanker concept has been designed as a product and crude oil carrier that can accommodate future conversion to LNG, methanol or ammonia as technologies, regulations and fuel supply chains mature. By incorporating conversion readiness at the design stage, the concept aims to reduce future retrofit complexity and provide owners with greater confidence when planning long-term fleet investments.

The design concept was reviewed against LR’s July 2026 class rules and regulations, including requirements relating to ships using gases and other low-flashpoint fuels, alongside relevant IACS Common Structural Rules for oil tankers. Final classification and statutory approval remain subject to full compliance with all applicable rules and regulations.

Theo Kourmpelis, Global Business Director for Tankers, Lloyd’s Register, said: “Shipowners are being asked to make major investment decisions today despite continued uncertainty around which fuels will dominate in the decades ahead. Alternative fuel solutions each offer potential pathways to compliance, but fuel infrastructure, regulation and economics continue to evolve at different speeds around the world.

“Designs that preserve flexibility will be critical in helping owners manage risk while preparing for multiple future scenarios.”

Si Nan, Marine & Offshore Marketing Department Vice Director, MARIC, said: “As the industry explores different decarbonisation pathways, shipowners need vessel designs that can adapt alongside technological and regulatory developments. This concept was developed specifically to provide greater fuel flexibility and long-term resilience, allowing owners to respond to changing market requirements without being locked into a single fuel strategy.

“Receiving Approval in Principle from Lloyd’s Register is an important milestone that validates the design concept and supports its future development.”

 

Photo credit: Lloyd’s Register
Published: 4 September, 2026

Continue Reading

Alternative Fuels

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

LNG-fuelled vessels accounted for the vast majority of August activity while the strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year.

Admin

Published

on

By

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

Latest data from classification society DNV’s Alternative Fuels Insight (AFI) platform alternative-fuelled vessel ordering was strong in August, with 52 new vessels added to the platform.

This is the highest monthly total since October 2024 and follows another active month in July, when 47 vessels were added to the database.

LNG-fuelled vessels accounted for the vast majority of August activity, with 46 orders recorded. The container segment led the way with 30 orders, while the car carrier segment contributed a further 12 LNG-fuelled vessels. In addition, four ethanol-fuelled bulk carriers and two hydrogen-powered bulk carriers were added during the month, as well as one LNG bunker vessel.

The strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year. In total, 242 alternative-fuelled vessel orders have been placed in the first eight months of 2026, representing a 27% increase compared with the same period in 2025.

LNG remains the dominant fuel choice, accounting for 63% of all alternative-fuelled vessel orders registered so far this year. Container vessels represent the largest share of these LNG orders (59%), followed by car carriers (30%).

Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “The past two months have been particularly strong for alternative-fuelled vessel ordering, with August recording the highest monthly total we’ve seen since October 2024. This has helped lift year-to-date orders to a level well above the same period last year.

“LNG remains the leading fuel choice, driven largely by activity in the container and car carrier segments. These sectors have been among the earliest adopters of alternative fuels, supported by predictable liner operations and increasing demand from cargo owners to reduce emissions across supply chains. 

“For many owners, LNG offers a combination of emissions reductions, fuel availability and future flexibility while the longer-term fuel landscape continues to evolve. 

“At the same time, the latest figures include orders for ethanol- and hydrogen-fuelled vessels, highlighting that owners continue to explore a range of decarbonization pathways. Different segments are making different fuel choices, but the overall level of activity demonstrates continued investment in lower-emission shipping.”

Screenshot 2026 09 04 at 12.29.26 PM Screenshot 2026 09 04 at 12.29.36 PM

 

Photo credit: DNV
Published: 4 September, 2026

Continue Reading
Advertisement

OUR INDUSTRY PARTNERS



Trending