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
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