Legal

Fraud suspected in Coastal Oil Singapore case, says COSCO

‘Sinfeng is of the view that the documents in relation to almost all of the alleged debts are not genuine.’

Published

6 years ago

January 7, 2019

Admin

Hong Kong-listed COSCO SHIPPING International (Hong Kong) Co., Ltd (COSCO), says its indirect wholly-owned bunkering subsidiary Sinfeng Marine Services Pte. Ltd. (Sinfeng) suspects fraud to be involved in the recent liquidation of Coastal Oil Singapore Pte Ltd.

Sinfeng is principally engaged in the supply and trading of marine fuel and related products with business network covering major oil ports such as Singapore and Malaysia.

“Based on a preliminary assessment, the management of Sinfeng is of the view that the documents in relation to almost all of the alleged debts are not genuine,” it stated in a recent filing.

COSCO notes a number of third party commercial banks have alleged to Sinfeng that Coastal Oil Singapore has assigned to the banks receivables due and/or which would fall due from Sinfeng to Coastal Oil Singapore.

Pursuant to the alleged assignment of the alleged debts by Coastal Oil Singapore to the banks, the banks have demanded for repayment of the alleged debts by Sinfeng.

Sinfeng is still in the process of conducting an investigation and seeking professional advice.

For the year ended 31 December 2017 and the six months ended 30 June 2018, the purchase costs from Coastal Oil Singapore by Sinfeng represented approximately 94% and 93% of the total purchase costs of Sinfeng for the same period, respectively.

“The management of Sinfeng has been using its best endeavours to identify alternative suppliers to Coastal Oil Singapore and will conduct a review of the business operations of Sinfeng, taking into account various factors, including but not limited to the profitability of Sinfeng, the portfolio of customers and the developments of the Investigation,” said COSCO.

“The board expects that the revenue of the group will decrease significantly unless and until alternative suppliers to Coastal Oil Singapore are identified.

“However, in light of the insignificant profit contribution of Sinfeng, the board currently does not foresee any material adverse impact on the group as a result of the liquidation of Coastal Oil Singapore.”

Moving forward, COSCO notes additional time is required for completing the investigation due to the “voluminous” amount of information and documents.

Published: 8 January, 2019

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.

Published

14 hours ago

May 23, 2025

Admin

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

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.

Published

3 days ago

May 21, 2025

Admin

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

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.

Published

3 days ago

May 21, 2025

Admin

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: