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

Xie Chun and his former Operations Executive, Zhang Taiming, were charged for offences relating to cheating, criminal breach of trust, and forgery on 8 July.

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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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Newbuilding

Singapore: EPS orders ammonia, LNG dual-fuel vessels from China

EPS signed one contract for a series of ammonia dual-fuel bulk carriers with CSSC Beihai Shipbuilding and another for a series of LNG dual-fuel oil tankers with CSSC Guangzhou Shipbuilding International.

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Singapore-based Eastern Pacific Shipping (EPS) on Wednesday (28 February) said it signed two new contract orders in a signing ceremony in Shanghai, one for a series of ammonia dual-fuel bulk carriers with CSSC Beihai Shipbuilding and another for a series of LNG dual-fuel oil tankers with CSSC Guangzhou Shipbuilding International. 

The contracts signed cover four 210,000 dwt ammonia dual-fuel bulk carriers and two 111,000 dwt LNG dual-fuel LR2 oil tankers, expanding our fleet of green vessels on water. 

“These are pivotal for EPS, testament to our continued commitment towards the decarbonisation of shipping,” EPS said in a social media post.

Manifold Times recently reported EPS signing a contract for its first ever wind-assisted propulsion system, partnering with bound4blue to install three 22-metre eSAILs® onboard the Pacific Sentinel

The turnkey ‘suction sail’ technology, which drags air across an aerodynamic surface to generate exceptional propulsive efficiency, will be fitted later this year, helping the 183-metre, 50,000 DWT oil and chemical tanker reduce overall energy consumption by approximately 10%, depending on vessel routing.

Related: Singapore: EPS orders its first wind-assisted propulsion system for tanker

 

Photo credit: Eastern Pacific Shipping
Published: 1 March 2024

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LNG Bunkering

Malaysia: Port of Tanjung Pelepas completes first LNG bunkering operation

Landmark event involved the CMA CGM Monaco, a 14,024 TEUs containership operated by French shipping giant CMA CGM.

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Port of Tanjung Pelepas Sdn Bhd (PTP), a joint venture between MMC Group and APM Terminals, on Wednesday (28 February) announced a significant milestone with the successful completion of its first Liquefied Natural Gas (LNG) bunkering operation. 

The landmark event involved the CMA CGM Monaco, a 14,024 TEUs (Twenty-foot Equivalent Units) capacity containership operated by French shipping giant, CMA CGM.

Tan Sri Che Khalib Mohamad Noh, Chairman of PTP in a statement remarked this latest milestone demonstrates PTP’s commitment to continuously enhance its competitive advantages in an increasingly competitive global market.

“The successful completion of our first LNG bunkering operation also underscores our unwavering commitment to sustainability and environmental leadership. We are proud to partner with Petronas Trading Corporation Sendirian Berhad (PETCO) and CMA CGM on this initiative and showcase PTP’s capabilities as a leading facilitator of clean and efficient maritime operations.”

“This milestone paves the way for further growth in LNG bunkering at PTP, contributing significantly to the decarbonisation of the maritime industry.”

Commenting on this achievement, Mark Hardiman, Chief Executive Officer of PTP stated this latest milestone further highlights PTP’s position as the largest transshipment hub terminal in Malaysia.

“In preparation for the LNG bunkering operation, PTP worked closely since March 2022 with PETCO and CMA CGM, as well as with various other related government agencies to organise table-top exercises (TTX) and workshops, before carrying out the deployment exercise.”

“The success of the bunkering operation is a result of the seamless collaboration and preparations involving rigorous safety procedures through in-depth operational and risk assessments, modelling, and validation. We thank PETCO, CMA CGM all other involved parties for their joint efforts in operationalising the bunkering capability and we welcome partners to work with us to accelerate maritime decarbonisation,” said Hardiman.

Port of Tanjung Pelepas (PTP) is Malaysia’s largest transshipment hub with the capacity to handle 13 million TEUs annually. The port delivers reliable, efficient, and advanced services to major shipping lines and box operators, providing shippers in Malaysia and abroad with extensive connectivity to the global market. PTP is currently ranked 15th among the world top container ports.

 

Photo credit: Port of Tanjung Pelepas
Published: 1 March 2024

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Alternative Fuels

Wallenius Wilhelmsen to order four additional methanol DF PCTCs

Newbuilds will also be ammonia-ready and able to be converted as soon as ammonia becomes available in a safe and secure way.

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Wallenius Wilhelmsen PCTC order

Roll-on/roll-off (Ro-Ro) shipping company Wallenius Wilhelmsen on Tuesday (27 February) declared options to build four additional next-generation Shaper Class pure car and truck carrier (PCTC) vessels.

The 9,300 CEU methanol dual fuel vessels can utilise alternative fuel sources, such as methanol, upon delivery. They will also be ammonia-ready and able to be converted as soon as ammonia becomes available in a safe and secure way.

“Together with our customers we are committed to further shaping our industry and accelerating towards net zero. These new vessels are a vital part of that journey,” says Xavier Leroi, EVP & COO Shipping Services.

This latest commitment brings the total number of Shaper Class vessels currently on order with Jinling Shipyard (Jiangsu) to eight. Wallenius Wilhelmsen also retains further options.

The first of the Shaper Class vessels already ordered are expected to be delivered in the second half of 2026. The four additional vessels under the declared options will be delivered between May and November 2027.

 

Photo credit: Wallenius Wilhelmsen
Published: 1 March 2024

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