Connect with us

Legal

Former Coastal Oil CFO admits to defrauding eight banks of USD 320 million in loans

Ong pleaded guilty to 15 charges which include nine counts of forgery; 43 other charges will be considered during sentencing, reports The Business Times.

Admin

Published

on

State Courts image 1

The Former Chief Finance Officer of defunct bunkering firm Coastal Oil Singapore Pte Ltd on Monday (26 April) reportedly admitted to conspiring with accomplices to defraud eight banks into approving USD 320 million in loans to keep the company afloat.

The banks involved are: China Merchants Bank (Singapore), Bank of Communications (Hong Kong), BNP Paribas (Hong Kong), Cooperative Rabobank (Hong Kong), DBS Bank (Hong Kong), HSBC (Hong Kong), OCBC (Hong Kong), and Standard Chartered Bank (Hong Kong). 

Ong Ah Huat pleaded guilty to 15 charges which include three counts of engaging in a scheme to defraud and nine counts of forgery; 43 other charges will be considered during sentencing on Monday, 3 May.

Ong and Huang Peishi, the former treasury manager, in June 2020 were both accused of creating fake sales contracts in order to obtain financing. OCBC Hong Kong made a court filing alleging it had been duped to approve USD 47.66 million in financing based on fictitious trades.

It has also been brought to light that it was Tan Sing Hwa, a co-director of the company who had reportedly devised the schemes in the first place and Ong was involved to perpetuate the said schemes.

Tan and Carol Zong, who is also involved in the case, purportedly fled Singapore before the Commercial Affairs Department commenced investigations.

Ong is currently out on a SGD 100,000 bail.

Manifold Times earlier reported Hong Kong-listed COSCO SHIPPING International (Hong Kong) Co., Ltd stating its indirect wholly-owned bunkering subsidiary Sinfeng suspecting fraud to be involved in the liquidation of Coastal Oil Singapore during December 2018.

A complete coverage of the events leading to the current development has been arranged by Singapore bunker publication Manifold Times (in descending date order) below: 

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: 27 April, 2021

 

Continue Reading

Vessel Arrest

Malaysia: MMEA detains Thai tanker off Kelantan after shown suspicious documents

Initial checks revealed that insurance documents and other documents related to the vessel appeared suspicious and all six crew members on board failed to provide valid identification documents.

Admin

Published

on

By

Malaysia: MMEA detains Thai tanker off Kelantan after shown suspicious documents

The Kelantan Malaysian Maritime Enforcement Agency (MMEA) on Thursday (22 May) said it has detained a suspicious tanker at about 100 nautical miles from the Tok Bali estuary on 20 May. 

Kelantan MMEA director, Maritime Captain Erwan Shah Soahdi said an MMEA asset had detained the tanker while patrolling the Malaysia-Vietnam border. 

The vessel was detected after displaying several suspicious signs at around 1 pm before it was successfully detained 20 minutes later.

Malaysia: MMEA detains Thai tanker off Kelantan after shown suspicious documents

“Initial checks revealed the vessel has six crew members, including a captain and all are believed to be Thai citizens aged between 38 and 70,” he said.

It was also found that the insurance documents and other documents related to the vessel appeared suspicious and all the crews on board the vessel failed to provide valid identification documents during the check. 

The case is being investigated under the Immigration Act 1959/63 and the Merchant Shipping Ordinance 1952.

 

Photo credit: Malaysian Maritime Enforcement Agency
Published: 23 May, 2025

Continue Reading

Winding up

Singapore: Creditors’ meeting scheduled for Quetzal Offshore Pte Ltd

Meeting for Quetzal Offshore will be held through electronic means on 27 May at 3pm to confirm the appointment of liquidators, according to Government Gazette notice.

Admin

Published

on

By

Resized benjamin child

The creditors’ meeting of Quetzal Offshore Pte Ltd Pte Ltd, has been scheduled to take place on 27 May, states a Monday (19 May) notice posted on the Government Gazette. 

The meeting for creditors of the company will be held by way of electronic means at 3pm. 

The purposes of the meeting are:

  • receiving a statement of the Company’s affairs together with a list of creditors and the estimated amounts of their claims;
  • confirming the appointment of Mr. Chan Kwong Shing, Adrian, Ms. Toh Ai Ling and Ms. Tan Yen Chiaw all care of KPMG Services Pte. Ltd. of 12 Marina View, #15-01 Asia Square Tower 2, Singapore 018961, as the joint and several Liquidators of the Company pursuant to Section 167(1) of the Act for the purpose of winding up the affairs of the Company at such remuneration based on time costs;
  • resolving 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;
  • forming a Committee of Inspection of not more than 5 members, if thought fit; 
  • and any other business

According to SGP Business website, a business platform for businesses and individuals, the company’s main business was offering ship management services. 

 

Photo credit: Benjamin-child
Published: 21 May, 2025

Continue Reading

Sanctions

UK cracks down on Russian shadow fleet with fresh sanctions

Latest sanctions target 18 more ships in the ‘shadow fleet’ carrying Russians oil; John Michael Ormerod, a British national, also faced sanction for procuring ships for Russia’s shadow fleet.

Admin

Published

on

By

balesstudio on Unsplash

The UK on Tuesday (20 May) announced a raft of 100 sanctions targeting Russian military, energy, financial sectors and those conducting Putin’s information war against Ukraine.

The latest sanctions target 18 more ships in the ‘shadow fleet’ carrying Russians oil, along with the fleet’s enablers. The Prime Minister announced 110 shadow fleet related sanctions ahead of his visit to Kyiv earlier this month.  

John Michael Ormerod, a British national, also faced sanction for procuring ships for Russia’s shadow fleet. Two Russian captains of shadow fleet tankers were also named in the list of individuals who were sanctioned. 

“This action imposes a personal cost on those who are supporting Russia’s trade in oil and is another step in the Foreign Secretary’s personal mission to constrain the Kremlin and a crucial part of the Plan for Change to ensure a secure Britain,” the government said in a statement. 

The UK is also working with partners to tighten the Oil Price Cap that limits the price that Russia can charge for its oil if transported using G7 services like insurance and shipping. 

“We are reviewing the $60 crude price level, with a view to lowering the cap closer to the cost of production and hitting Putin where it hurts by striking at his oil revenues,” it added.

The following is the list of sanctioned 18 ships:

  • TORONTO (IMO 8808525)  
  • NEXT (IMO 9286023) 
  • SPRING FORTUNE (IMO 9386536)  
  • RAGNAR (IMO 9384095)  
  • FURIA (IMO 9257802) 
  • CORTEX (IMO 9291250)  
  • CETUS (IMO 9418482)  
  • MISSONI (IMO 9296810) 
  • OTLA (IMO 9299719)  
  • MAIN (IMO 9387255) 
  • NAUTILUS (IMO 9434890) 
  • ARABELA (IMO 9253313)  
  • RICCA (IMO 9292577)  
  • TEAM (IMO 9292589) 
  • LEOPARD (IMO 9284594) 
  • PIERRE (IMO 9266877) 
  • JAMES II (IMO 9253909) 
  • LIETO (9389679) 

 

Photo credit: balesstudio on Unsplash
Published: 21 May, 2025

Continue Reading

Trending