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BP Singapore bunker trial: Prosecution and Defence present submissions (Part 2)

Deputy Public Prosecutor Jiang Ke-Yue presented his case to the court during the BP Singapore bunker trial on Tuesday.

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Manifold Times was present at the BP Singapore bunker trial on Tuesday. The following report is part two (of two) focusing on submissions from the public prosecutor and is meant to read as a continuation of part 1 found here.

Prosecution’s submissions
Deputy Public Prosecutor Jiang Ke-Yue, meanwhile, maintained his stand that alleged corruption was involved in the dealings between Chang and Koh.

The court learnt that Koh began operations at Singapore bunker trading firm New Orient and got to know Clarence Chang in 1997. A few years later, Chang asked Koh to set up PPT to be the trading counterparty of BP and suggested that Chang be a shadow partner or co-owner of the firm.

“Now we have profit and loss figures for PPT where the figure we see was $8 million in 2015, not bad compared to $100,000 which Mr Koh put in [to setup PPT]. What did Chang put in? Nothing! Although he described himself as a co-owner and shadow director,” said Jiang.

“The defence urges your honour to consider them in isolation but the totality of the situation must be considered. The payment request cannot be considered in isolation but must be considered when it all began when Chang and Koh setup PPT.”

According to Jiang, Chang and Koh were two key figures in the setting up of PPT.

“It is simply that this was a case of Chang asking Mr Koh having to pay because if he did not, his fears will be realised as he was paying to keep PPT’s business with BP,” he explained the duo’s alleged working relationship.

“Firstly, an unequal bargaining positon. It was Chang who initiated the setup, it was Chang who would make or break PPT […] It was Chang who opened the door to PPT, and it was Chang upon whom PPT’s fortunes will depend on.

“The second feature is unwritten profit sharing; [Chang] had no share in PPT yet he described himself as co-owner and shadow partner. Why was payment given as business grew? He calls this as was what was due to him, simple as that.”

“The unequal relationship and an excuse to take money, we submit your honour that this case is no different from those retainers who take a future ulterior motive,” noted Jiang, referring to the period when Chang started receiving money from Koh five years after PPT started business with BP in 2001.

“Chang initiated the setup, he was there when PPT fortunes grew; all the while he had not disclosed this conflict to his employer,” he added.

District Judge Ong Chin Rhu, after hearing respective submissions of the Prosecution and Defence, decided more time is needed to consider the submissions and recommended the prosecution to tweak certain charges in relation to the case for hearing at a future date.

Related: BP Singapore bunker trial: Prosecution and Defence present submissions (Part 1)
RelatedBP Singapore bunker bribery case update: BP bunker trade data in question
RelatedBP Singapore bunker bribery case update: CPIB officer takes to the stand
RelatedUPDATE: BP Singapore bunker bribery case
RelatedBP Singapore bunker bribery case continues

Photo credit: Chensiyuan / CC BY-SA 4.0
Published: 9 August, 2018

 

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Legal

Former CEO of Singapore-listed New Silkroutes Group amongst three others facing 31 charges at court

Dr Goh Jin Hian was the ex-Director of former Singapore bunker supplier and bunker craft operator Inter-Pacific Petroleum; he faced a USD 156 million civil trial at the Singapore High Court in April 2023.

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Former Chief Executive Officer of Singapore-listed New Silkroutes Group Limited (NSG), Dr Goh Jin Hian, former Chief Corporate Officer, Oo Cheong Kwan Kelvyn, and former Finance Director, Teo Thiam Chuan William, were charged in court on Wednesday (20 September) with false trading offences under the Securities and Futures Act (SFA).

A fourth individual, Huang Yiwen, the sole director of GTC Group Pte Ltd (a commercial market maker engaged by NSG during the material time), was also charged with similar offences.

The four men were each charged with 31 counts of Section 197(1)(b) of the SFA read with Section 109 of the Penal Code for engaging in a conspiracy to create a misleading appearance with respect to the price of NSG securities.

They allegedly placed orders and executed trades in NSG securities for a purpose of pushing up the price of NSG securities on 31 trading days between 26 February 2018 and 27 August 2018. The alleged price manipulative orders and trades include share buy-backs conducted through NSG’s corporate trading account.

Dr Goh faces a further eight counts of Section 197(1)(b) of the SFA for allegedly placing orders and executing trades in NSG securities through his personal trading account for a purpose of pushing up the price of NSG securities on eight trading days between 31 August 2018 and 4 December 2018.

The charges above arose from a joint investigation carried out by the Commercial Affairs Department of the Singapore Police Force and the Monetary Authority of Singapore which started in September 2020.

If convicted of an offence under Section 197 of the SFA, offenders may be liable to an imprisonment term not exceeding seven years, or a fine not exceeding $250,000, or both.

Inter-Pacific Petroleum

Dr Goh, who was the ex-Director of former Singapore bunker supplier and bunker craft operator Inter-Pacific Petroleum (IPP), in April 2023 faced a USD 156 million civil trial initiated by IPP liquidator Deloitte & Touche over alleged breach of his director’s duties for IPP.

The Singapore branch of Maybank and Societe Generale (SocGen), both IPP’s largest creditors, are respectively looking to recover from exposure of an estimated USD 88.3 million and USD 81.3 million.

Reportedly, Dr Goh has said it was not the responsibility of the director to authenticate documents from management and he disputes against the banks’ own due diligence and credit risk assessments.

International Energy Group 

NSG in late March 2019 announced subsidiary New Silkroutes Capital signing a share sale and purchase agreement with Hong Kong-based TK Energy Limited for the disposal of the entire shareholding interests in International Energy Group Pte. Ltd. (IEG) for US $10 million in cash.

Singapore-headquartered IEG, which trades mainly gas oil and fuel oil, sells its products to international counterparties including oil majors and national oil companies.

In January 2021, stakeholders of IEG decided the firm can no longer continue business due to its liabilities and proceeded to summon a creditors’ meeting.

A meeting to distribute intended dividend to IEG creditors was later held in March 2023.

A timeline organised list of events preceding the current development of Inter-Pacific Petroleum has been recorded by Manifold Times below:

Related: Singapore: Civil trial between Inter-Pacific Petroleum and Dr Goh Jin Hian begins
Related: Former Singapore Director of Inter-Pacific Petroleum sued for USD 156 million
Related: Inter-Pacific Petroleum creditors authorised to fund lawsuit against former Director
RelatedNew Silkroutes under investigation over possible breach of Securities and Futures Act
Related: Judicial Managers considering to take former Singapore Director of Inter-Pacific Petroleum to court
Related: Singapore: Inter-Pacific Group receives winding up order from High Court
Related: Singapore: Inter-Pacific Group files for winding up application at High Court
Related: MPA revokes Inter-Pacific Petroleum Pte Ltd bunker supplier licence
Related: Co-heads of Trade and Commodities Finance for Asia-Pacific leave SocGen
Related: Inter-Pacific Group, Inter-Pacific Petroleum to hold creditors’ meet
Related: NewOcean detains Singapore-flagged bunker tanker “Pacific Energy 28”
Related: SocGen lawsuit against NewOcean Petroleum dropped, party to counterclaim
Related: MPA revokes Inter-Pacific Petroleum bunker craft operator licence
Related: Magnets on MFMs: Trial starts for former bunker clerk of “Consort Justice
Related: First suspect charged over MFM tampering in landmark case
Related: With nearly $180 million of debt, IPP proposes interim judicial management
Related: Inter-Pacific Group, Inter-Pacific Petroleum under judicial management
Related: Magnets on MFMs: “Consort Justice” crew pleads ‘not guilty’ to tampering charge
Related: IPP responds to temporary suspension of bunker craft operator licence
Related: MPA temporarily suspends IPP bunker craft operator licence
Related: Singapore: Bunker Cargo officer, crew face charges over alleged MFM tampering

A timeline organised list of events preceding events of International Energy Group is as follows:

Related: New Silkroutes under investigation over possible breach of Securities and Futures Act
Related: Singapore: Gas oil, fuel oil trading firm IEG disposed for $10 million
Related: Singapore: International Energy Group to be wound up; calls for creditors meeting
Related: Singapore: Liquidator issues notice of intended dividend to IEG creditors

Photo credit: Manifold Times
Published: 21 September, 2023

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Winding up

Singapore: AGM and creditors meeting scheduled for An Hui Shipping, Nan Yi Maritime

Purpose of the AGMs is for stakeholders to receive an update on the liquidation, and for creditors to receive an account of the liquidators’ acts and dealings.

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An annual general meeting (AGM) and creditors meeting has been scheduled for An Hui Shipping Pte Ltd and Nan Yi Maritime (Pte) Ltd, said their liquidator on a Tuesday (19 September) Government Gazette post.

The event will be held on 3 October; timing as follows:

  • AGM of An Hui Shipping (10:00am)
  • AGM for creditors of An Hui Shipping (11:00am)
  • AGM of Nan Yi Maritime (2:00pm)
  • AGM for creditors of Nan Yi Maritime (3:00pm)

The purpose of the AGMs is for stakeholders to receive an update on the liquidation, and for creditors to receive an account of the liquidators’ acts and dealings, and of the conduct of the winding up.

Details of the liquidator for both An Hui Shipping and Nan Yi Maritime are as follows:

Ho May Kee
Liquidator c/o 8 Marina View
#40-04/05 Asia Square Tower 1 Singapore 018960

Photo credit: Benjamin Child
Published: 21 September 2023

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South African Revenue Service issues media statement on detention of bunkering vessels

Detentions of bunker barges done in the normal course of investigating whether provisions of the Customs and Excise Act have been contravened, says SARS.

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The South African Revenue Service (SARS) on Wednesday (20 September) issued a media statement concerning the detention of five vessels involved in the fuel bunkering supply chain:

From 2016 SARS has been engaging with the fuel industry to encourage compliance with the legislation concerning the importation, the trading in and other operational activities of vessels engaged in the supply of fuel.

Alongside these engagements, SARS has also been conducting investigations around compliance in fuel bunkering, and the detention of the vessels mentioned in the media article is part of this on-going investigation.

SARS confirms that several vessels were detained in terms of the Customs and Excise Act, 91 of 1964. This was done in the normal course of investigating whether the provisions of the Act have been contravened. SARS is of the view that the detention is lawful and, as the investigation is ongoing, no decision to seize such vessels has been taken.

SARS Commissioner Mr Edward Kieswetter said “SARS is obliged to administer the law fairly, without fear, favour or prejudice and to conduct investigations in a responsible manner in accordance with a fair procedure. SARS has no interest in jeopardising economic growth nor of contributing to the problem of unemployment, poverty and inequality.”

The Commissioner implored taxpayers and traders to comply with their tax and Customs obligations. He emphasised that SARS will not hesitate to act firmly and robustly to ensure that non-compliance is hard and costly for those that wilfully and intentionally ignore their obligations. The clarion call to all taxpayers and traders is: “comply or face the consequences”.

Related: ENGINE: Algoa Bay bunkering at a standstill as authority detains barges – sources

Photo credit: steve pb from Pixabay
Published: 21 September, 2023

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