Business

Goodwood Associates to commence wind up of Southernpec (Singapore) firms

High Court has set 25 June 2021 as the hearing date for the winding-up application; Wong Joo Wan of Alternative Advisors is appointed liquidator.

Published

5 years ago

June 7, 2021

Admin

Goodwood Associates, a Singapore-based wholesaler of petrochemical products, has just commenced legal action to wind up marine fuel supplier Southernpec (Singapore) Pte Ltd (SSPL) and its sister firm Southernpec (Singapore) Shipping Pte Ltd (SPSPL), after the Court of Appeal upheld a judgement quashing claims by both entities that a pair of oil trades carried out on their watch in 2015 were sham transactions.

Wong Joo Wan of Alternative Advisors Pte Ltd is the appointed liquidator. The High Court of Singapore has set 25 June 2021 as the hearing date for the winding-up application.

Background

SSPL, which had its operating licences revoked in 2019 after the Maritime and Port Authority of Singapore found it guilty of malpractices, had placed two orders in July 2015 for about 3,200 metric tons of fuel oil.

SPSPL, which is involved in vessel chartering and oil storage, acted as one of two guarantors for SSPL under the two agreements. The other guarantor was Southernpec Corporation, the Guangzhou-incorporated parent company of SSPL.

Both orders were fulfilled by Goodwood, which played the role of an intermediary credit sleever by buying the fuel oil from BMS United Bunkers (Asia) Pte Ltd (BMS), an oil trader, and selling it to SSPL.

After SSPL failed to make payment of US$1.49 million for the fuel oil, Goodwood found out there were other counterparties involved in the two trades, which in reality were part of an extensive web of transactions set up without Goodwood’s knowledge.

The fuel oil trades soured after two counterparties in the trading chain – Universal Alliance and Taigu (Singapore) Energy – defaulted on their respective payments, resulting in SSPL holding back on paying Goodwood.

Everyone in the chain went after their immediate trading counterparty for payment, except SSPL, which alleged that both trades were sham transactions and designed to artificially inflate the revenues of Goodwood and BMS.

Goodwood lodged a police report in October 2015 following SSPL’s allegations, paving the way for a set of lawsuits that lasted until this year.

Outcome

On 5 November 2020, High Court Judge Hoo Sheau Peng ruled in favour of Goodwood and declared the July 2015 trades were not sham transactions. SSPL and SPSPL were ordered to pay Goodwood US$1.49 million for the two trades, as well as contractual interest and costs.

The two Southernpec entities sought to overturn the decision but their attempt was dismissed by the Court of Appeal on 6 May 2021.

To date, both companies have yet to make full payments to Goodwood. Accordingly, Goodwood has commenced proceedings to wind them up.

Photo credit: Benjamin Child
Published: 7 June, 2021

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

11 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

11 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
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; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

11 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026