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Former director of Zenrock charged over USD 105 million fraud and more

12 Jul 2022

Singapore Police Force (SPF) on Friday (8 July) charged the former Director of Zenrock Commodities Private Limited (Zenrock), Xie Chun, and his former Operations Executive, Zhang Taiming, for offences relating to cheating, criminal breach of trust, and forgery involving more than USD105 million. 

Investigations by the Commercial Affairs Department of the SPF revealed that sometime between February and March 2020, 45-year-old Xie Chun and 32-year-old Zhang Taiming had allegedly used forged documents to cheat the Bank of China Limited (Singapore) of a sum of USD54 million.

Both Xie Chun and Zhang Taiming are also alleged to have committed criminal breach of trust by dishonestly re-assigning to the Bank of China Limited (Singapore) the proceeds from a sale of cargo oil that it had charged to Hongkong and Shanghai Banking Corporation Limited (Singapore) and cheated Credit Agricole Corporate & Investment Bank of a sum of USD17 million.

Both accused persons face the following four charges:

  • Two counts of engaging in a conspiracy to cheat under Section 420, read with Section 109, of the Penal Code;
  • One count of engaging in a conspiracy to commit forgery for the purpose of cheating under Section 468, read with Section 109, of the Penal Code; and
  • One count of engaging in a conspiracy to commit criminal breach of trust under Section 406, read with Section 109, of the Penal Code.

If convicted, they can be punished with imprisonment for a term which may extend to 10 years and shall also be liable to fine, for each of the cheating and forgery for the purpose of cheating charges. The criminal breach of trust charge carries a jail term of up to seven years, a fine, or with both.

Manifold Times in February reported the liquidators of defunct Singapore-based trading firm ZenRock Commodities Trading Pte Ltd issued a notice of intended dividend on the Government Gazette. 

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

Related: Liquidators issue notice of intended dividend for ZenRock Commodities Trading
Related: Liquidators of Zenrock Commodities announce intended dividend to creditors
Related: Zenrock Commodities files for winding up order, hearing date set
Related: Singapore: High Court grant HSBC’s request to place Zenrock under judicial management
Related: Singapore: Troubled Zenrock Commodities rumoured to be winding down in August
Related: Update: Hearing date set for HSBC application to place Zenrock under judicial management
Related: Zenrock assents to HSBC’s application for it to be placed under judicial management
Related: Argus Media: HSBC accuses Singapore’s Zenrock of ‘suspicious’ trades
Related: HSBC accuses Zenrock of fraudulent dealings, files for legal action amid credit concerns
Related: Winson Group and ZenRock Commodities reassure fiscal stability despite Hin Leong fiasco

 

Photo credit: Manifold Times
Published: 12 July, 2022

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