Legal

SGD 210,000 fine for ex-director and shareholder of Wee Tiong (S) Pte. Ltd.

Tan Wee Beng falsified the invoices of DPRK companies, the names of the end buyers and in some cases, the destination ports on the invoices.

Published

3 years ago

October 21, 2021

Admin

A 44-year-old male Singaporean, Tan Wee Beng, was convicted of seven counts of falsification of papers with intent to defraud under Section 477A of the Penal Code, according to a Wednesday (20 October) statement from the Singapore Police Force (SPF).

Tan Wee Beng is the managing director and a shareholder of a commodity trading company, Wee Tiong (S) Pte Ltd. He was sentenced to a fine of SGD 210,000 (in default seven months’ imprisonment). Another 13 similar charges were taken into consideration for sentencing.

Wee Tiong (S) Pte Ltd sold sugar and other goods to two persons from the Democratic People’s Republic of Korea (DPRK) through their respective companies prior to 2017, with payments for those sales made to Wee Tiong (S) Pte Ltd and its related company, Morgan Marcos Pte Ltd.

Investigations by the Commercial Affairs Department revealed that between November 2016 and October 2017, Tan Wee Beng received queries from two banks about deposits made to Wee Tiong (S) Pte Ltd and Morgan Marcos Pte Ltd.

These deposits were payments for sales of goods to the DPRK persons. Tan Wee Beng was concerned that the banks would terminate their relationship with the companies if either bank found out that Wee Tiong (S) Pte Ltd had transacted with entities linked to the DPRK.

To conceal this from the banks, Tan Wee Beng falsified the invoices of both companies. The names of the end buyers, and in some cases, destination ports on the invoices, were changed to remove any links to the DPRK. Tan Wee Beng then signed the false invoices and submitted them to the banks.

According to The United Nations (Sanctions-DPRK) Regulations 2010 prohibits any person in Singapore or citizen of Singapore outside of Singapore, from supplying, selling or transferring any designated export item or designated luxury item to any person in the DPRK, or procuring any designated import item from any person in the DPRK.

From 8 November 2017, the prohibition includes all commercially traded goods to or from the DPRK.

“The Regulations give effect to sanctions imposed by the United Nations Security Council on the DPRK. Singapore takes its obligations under the United Nations Security Council Resolutions (UNSCRs) seriously, and implements them fully and faithfully,” states the SPF..

“The Police take a serious view of persons who abuse Singapore’s financial system and will not hesitate to take swift action against the individuals or entities that breach our laws and regulations.”

Photo credit: FBI
Published: 21 October, 2021

Bunker Fuel

SIBCON 2024: Bunker players sign SCMA pledge to drive progress within Maritime Singapore

Bunker players involved include Consort Bunkers, Equatorial Marine Fuel, Golden Island, Hong Lam Marine, Kenoil Marine Services, Marubeni International Petroleum and Sinopec Fuel Oil.

Published

2 days ago

October 11, 2024

Admin

SIBCON 2024: Bunker players sign SCMA pledge to drive progress within Maritime Singapore

Some 10 bunker players on Tuesday (8 October) signed a pledge with Singapore Chamber of Maritime Arbitration (SCMA) at the 23rd Singapore International Bunkering Conference and Exhibition (SIBCON).

The bunker players involved are Consort Bunkers Pte Ltd, Equatorial Marine Fuel Management Services Pte Ltd, Fratelli Cosulich Bunkers (S) Pte Ltd, Global Energy Trading Pte Ltd, Golden Island Pte Ltd, Hong Lam Marine Pte Ltd, Kenoil Marine Services Pte Ltd, Marubeni International Petroleum (S) Pte Ltd, Sinopec Fuel Oil (Singapore) Pte ltd and Victory Pte Ltd.

SCMA and the pledgees will work together to promote and enhance the capabilities and opportunities within the Maritime Singapore community and ecosystem.

Among the aspirational goals embodied by the SCMA Pledge is that the pledgees give preferential consideration, where appropriate, for the use of the SCMA Arbitration Rules for the resolution of their maritime or international trade disputes.

The bunker players may also use its best endeavours to support the Maritime Singapore community and ecosystem, including contributing to the development and dissemination of best practices as well as providing support and opportunity to young maritime legal and dispute resolution professionals in the form of internships, mentorships, and educational seminars aimed at fostering the next generation of maritime leaders.

SCMA, a specialist arbitration institution, is the only arbitration institution in Singapore focused on maritime and international trade disputes.

It offers the maritime and international trade sectors a set of arbitration rules and guidelines which are flexible and cost effective.

Users of SCMA arbitration include maritime companies, international traders and commodity companies for the resolution of their disputes such as those involving charterparty, bunker, commercial sales, cargo, oil and gas, shipbuilding and ship repair.

Photo credit: Singapore Chamber of Maritime Arbitration
Published: 11 October, 2024

Vessel Arrest

Singapore: Liberia-flagged tanker “Fair Star” placed under Sheriff’s arrest

Vessel was arrested at 9.05pm and is currently held at Eastern Petroleum Anchorage A; arresting solicitor listed was law firm Rajah & Tann Singapore LLP.

Published

4 days ago

October 9, 2024

Admin

An Liberia-flagged oil tanker, Fair Star, was arrested in Singapore waters on Saturday (5 October).

The vessel was added to the list of vessels under Sheriff’s arrest in Singapore’s court system.

According to the list, the vessel was arrested at 9.05pm and the arresting solicitor listed was law firm Rajah & Tann Singapore LLP. The ship is currently held at Eastern Petroleum Anchorage A.

No details regarding the reason behind the arrest were provided in the list.

Photo credit: MarineTraffic / Flare
Published: 9 October, 2024

Winding up

Singapore: Final meeting scheduled for K3 Shipping Pte Ltd

Meeting will be held on 4 November at 9am to hear any explanation that may be given by liquidators, according to Government Gazette notice.

Published

6 days ago

October 7, 2024

Admin

The final meeting of K3 Shipping Pte Ltd, has been scheduled to take place on 4 November, according to the company’s liquidator on a notice posted on Friday (4 October) on the Government Gazette.

The meeting will be held at 9am at 600 North Bridge Road, #05-01 Parkview Square, Singapore 188778.

It is being held for the purpose of having an account laid before the members showing the manner in which the winding up has been conducted and the property of the company disposed of and of hearing any explanation that may be given by the Liquidators.

The details of the liquidator are as follows:

Victor Goh
Khor Boon Hong
Marie Lee
Joint Liquidators
c/o Baker Tilly
600 North Bridge Road
#05-01 Parkview Square
Singapore 188778

According to Singapore-based B2B Sales Intelligence platform The Grid, the company’s main activity was in shipping, including chartering of ships and boats with crew.

Photo credit: Benjamin-child
Published: 7 October, 2024