Legal

Hong Kong fuel oil trader Yuhua Energy assets frozen in loan dispute

RMB 30.35 million freezing order initiated by Hua Xia Bank Co., Limited against subsidiaries for assets.

Published

7 years ago

October 15, 2019

Admin

Hong Kong-listed fuel oil trading firm Yuhua Energy Holdings Limited (YEHL) on Friday (11 October) said the Xiamen Branch of Hua Xia Bank Co., Limited has initiated litigation against its subsidiaries.

The affected parties are YuHua Energy (Xiamen) Co. Ltd., YuHua Energy Holdings Group (Fujian) Co., Ltd., Xiamen Oceanstar Shipping Co., Ltd., Fujian Yuhua Petrochemical Company Limited, Mr. Lin Caihuo and his wife, Ms. Lin Aihua.

A freezing order has been ordered by the Intermediate People’s Court of Xiamen City, Fujian Province on 12 September 2019 against the above parties for assets equivalent to the amount of RMB 30,350,000 (USD 4,290,722).

Additionally, the real property in Xiamen mortgaged by Lin Caihuo, Lin Aihua and Xiamen Oceanstar Shipping Co., Ltd. are to be seized, auctioned or realised.

“The Company is now liaising with the Plaintiff to discuss the appropriate arrangement,” said YEHL.

“The Company will publish announcement(s) to update its shareholders of any major progress to the above matter, as and when appropriate. The Directors are of the view that the orders will not have material impact on the business and operation of the Company.

“In the meantime, the Company is assessing the status of other indebtedness of the Group.”

On 23 August 2019, YEHL entered into a product procurement framework agreement with a company in the People’s Republic of China engaged in petrochemical business who will purchase not less than 2 million mt of fuel oil products and petrochemical products during the period between 23 August 2019 and 31 December 2022.

YEHL recorded net loss of approximately HKD 306.60 million in the first half of 2019, higher than net loss of approximately HKD 1.27 million during the similar period last year.

Published: 15 October, 2019

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

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oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).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

12 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

Winding up

Singapore: Liquidator of Nan Shan Maritime Pte Ltd issues notice of dividend

Third interim dividend to admitted unsecured claims of Nan Shan Maritime is payable from 15 July, according to Government Gazette notice.

Published

6 days ago

July 16, 2026

Admin

A notice of dividend for Nan Shan Maritime Pte Ltd, which is currently in creditors’ voluntary liquidation, was published on the Government Gazette on Wednesday (15 July).

The following are the details of the notice:

Name of Company : Nan Shan Maritime (Pte.) Ltd.(In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 201701967H
Address of Registered Office : 10 Anson Road, #10-10, International Plaza, Singapore 079903
Amount per centum : 5.00 Per Centum of all admitted unsecured, claims
First and Final or Otherwise : Third Interim
When Payable : 15 July 2026
Where Payable : Entitlements will be made by way of cheque.

Photo credit: Drew Beamer
Published: 16 July, 2026