Legal

Singapore: China Merchants Bank accuses fraud against Sinfeng Marine Services in USD 9.2 million bunker claim

Singapore branch of CMB pursuing claim against Sinfeng, alleging deceit and misrepresentation linked to trade financing extended to defunct bunker supplier Coastal Oil Singapore.

Published

4 months ago

June 8, 2026

Admin

China Merchants Bank Co., Ltd. (CMB), the Singapore branch of a bank incorporated in the People’s Republic of China, continues to build its case over a USD 9.2 million (exact: USD 9,239,459.80) bunker-related claim against Singapore-based Sinfeng Marine Services Pte. Ltd. (Sinfeng), according to a statement of claim dated March 2026 reviewed by Manifold Times.

After successfully obtaining ‘pre-action discovery’ of additional documents in 2021, CMB in 2024 started a legal suit against Sinfeng over allegations of deceit and misrepresentation, according to documents obtained from the Supreme Court.

CMB’s claim against Sinfeng stems from trade financing facilities extended to defunct Singapore bunker supplier Coastal Oil Singapore Pte Ltd (COS), which entered liquidation on 13 December 2018 after allegedly owing a total of USD 380 million to at least 10 financial institutions.

BACKGROUND

On 16 June 2017, CMB granted COS an uncommitted Export Invoicing Facility of USD 10 million (the Facility) to provide trade financing for COS’s export invoices relating to fuel oil and oil products sold to Sinfeng and/or its related company, Cosco Petroleum Pte Ltd.

On 29 October 2018, CMB received a drawdown notice from COS requesting use of the Facility to support the sale of 25,000 metric tonnes (+/- 5%) of Fuel Oil 380 CST or 500 CST, said to have been made between COS and Sinfeng on or about 26 September 2018 under contract TGS/1809-034.

The receiving vessels identified for the bunkering operation, allegedly conducted from 30 to 31 October 2018 at OPL Malaysia, were the KAZIMAH III, GREEK WARRIOR, GLORIC, WEDYAN and SKOPELOS.

CONTRACT TGS/1809-34 MISSING, BUT LATER FOUND

Following COS’s liquidation, CMB notified COS on 14 December 2018 the USD 10 million Facility had been cancelled and terminated with immediate effect, and demanded immediate repayment of all sums due, owing or payable under the Facility.

On the same day, representatives of the bank visited Sinfeng’s office, where they were told that contract reference number TGS/1809-34 between COS and Sinfeng could not be located.

However, on 16 January 2019, CMB’s lawyers learned from a Sinfeng representative that the Defendant had entered into a sale contract with COS on or around 26 September 2018 under the same reference number, TGS/1809-34, but on different contractual terms.

The Sinfeng representative further stated that the company had paid COS in full for the supplies allegedly made under TGS/1809-34 and that the bunkering operation had been duly performed.

ALLEGED BUNKERING OPERATIONS DID NOT TAKE PLACE

Contrary to Sinfeng’s assertion bunkering operations took place from 30 to 31 October 2018 at OPL Malaysia, records from a maritime database providing vessel-tracking information indicated otherwise:

The KAZIMAH III was in the Middle East on or around 30 to 31 October 2018 and not in Malaysia.
The GREEK WARRIOR was reported to have been broken up on or about 9 June 2013 and hence was no longer in existence.
The GLORIC was reported to have been broken up on or about 1 October 1984 and hence was no longer in existence.
The WEDYAN was in India on or around 30 to 31 October 2018 and not in Malaysia.
There were two vessels named SKOPELOS but neither of them was in Malaysia on or around 30 to 31 October 2018. One of them was transiting from India to Nigeria and another was transiting from the United States of America to Venezuela.

REQUEST FOR ‘PRE-ACTION DISCOVERY’ OF DOCUMENTS

Following earlier legal proceedings initiated on 4 October 2019, 29 June 2020, and 9 October 2020 seeking pre-action discovery against Sinfeng, the court ultimately ordered Sinfeng on 11 January 2021 to provide additional documents to CMB.

CMB investigators initially sought documents including email correspondence, invoices, bunker delivery notes and purchase nominations that would show the bunker supply purportedly took place via the receiving vessels on or around 30 to 31 October 2018 at OPL Malaysia, but were unable to do so because the bunkering operations allegedly did not occur.

According to court documents, additional disclosures showed the following:

The documents disclosed by the Defendant also reflected that the purported CIA Contract had not been negotiated or entered into or made on or around 26 September 2018 (or at all) and the Defendant had not executed the Acknowledgment of Notice on or around 30 September 2018.

Instead, the documents disclosed showed that COS had only sent an incomplete copy of the purported CIA Contract dated 26 September 2018 (without Annexure 1 and/or Schedule 1 thereto) to the Defendant on or around 26 October 2018 (i.e. one working day prior to the 29 Oct 2018 Meeting), and the Defendant did not execute the same.

COS had also only sent the Acknowledgment of Notice to the Defendant on or around 26 October 2018, and had done so without providing the Defendant with the Notice of Assignment.

CONSPIRACY AND/OR TORTFEASOR SHIP BY COMMON DESIGN

CMB further alleged Sinfeng and COS conspired to carry out trading loops to induce the bank to extend funds to COS and permit drawdowns under the USD 10 million Facility.

Amongst other allegations, CMB claims: “The Defendant assisted in such deceit and/or fraudulent misrepresentation by COS when it signed and returned the Acknowledgment of Notice and/or by its conduct at the 29 Oct 2018 Meeting where it counter-signed a copy of the same.”

Accordingly, on 14 December 2018, the bank set off USD 99,046.98 from COS’s account held with CMB. On 7 January 2019, the bank filed a proof of debt with the liquidators for USD 9,872,705.86, plus interest. On or around 8 August 2024, the bank received SGD 819,653.24 (approximately USD 597,850.65) from distributions made in COS’s liquidation.

Taking into account the matters above and the distributions received, the bank says it has suffered loss and damage of at least USD 9,239,459.87.

A chronological overview of the developments leading to the current case has been compiled by Singapore bunker publication Manifold Times below:

Photo credit: Manifold Times
Published: 8 June 2026

Related Topics:Features Legal - Bunker claim Legal - Corruption Legal - Crime

Up Next

Singapore: Liquidator of Xihe Capital issues notice of dividend

Don't Miss

Singapore: Notice of intended dividend issued for Parakou Shipping Pte Ltd

Winding up

Singapore: Final general meetings scheduled for Dromond Shipping, related firms

A member is entitled to attend the meetings and should notify the liquidators’ team office via email no later than 48 hours prior to the meeting.

Published

2 hours ago

September 21, 2026

Admin

The final general meetings of Dromond Shipping Pte Ltd and related companies have been scheduled to take place on 19 October, according to the company’s liquidator on a notice posted on Friday (18 September) on the Government Gazette.

The other companies are Tidewater Emergency Response Services Pte Ltd, Tidewater Production Solutions Pte Ltd and Tidewater Salvage Pte Ltd.

The final general meetings of the members of the companies will be held via electronic means on 19 October 2026 at 2.00 pm, 2.30 pm, 3.00 pm and 3.30 pm (Singapore time), respectively.

The meetings are being held for the purpose of having accounts laid before the members showing the manner in which the winding up of the respective companies has been conducted and how the property of the respective companies has been disposed of and to hear any explanation that may be given by the liquidators.

The details of the liquidator is as follows:

Tan Kim Han
Joint and Several Liquidators
137 Amoy Street, #02-03, Far East Square
Singapore 049965

Note: A member is entitled to attend the above meeting and should notify the Liquidators’ team office via email to [email protected] or [email protected] no later than 48 hours prior to the meeting.

Photo credit: steve pb from Pixabay
Published: 21 September, 2026

Winding up

Singapore: Liquidator of Da Xin Tankers, Nan Chiau Maritime issues notices of dividend

Da Xin Tankers’s second interim dividend and Nan Chiau Maritime’s third interim dividend are payable from 17 September, according to Government Gazette notices.

Published

3 days ago

September 18, 2026

Admin

Notices of dividend for Da Xin Tankers Pte Ltd and Nan Chiau Maritime Pte Ltd, which are currently in creditors’ voluntary liquidation, were published on the Government Gazette on Thursday (17 September).

The following are the details of the notice for Da Xin Tankers:

Name of Company : Da Xin Tankers (Pte) Ltd (In Creditor’s Voluntary Liquidation)
Unique Entity No. / Registration No. : 198400895W
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Amount per centum (US$) : 5.00 cents to a dollar of admitted unsecured claims
First and Final or otherwise : Second Interim Dividend
When payable : 17 September 2026
Where payable : Entitlements will be made either by way of telegraphic transfer or by cheque, to be collected from the Company’s registered address as above

The following are the details of the notice for Nan Chiau Maritime:

Name of Company : Nan Chiau Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No.: 200814296Z
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Amount per centum (US$) : 7.00 cents to a dollar of admitted unsecured claims
First and Final or otherwise : Third Interim Dividend
When payable : 17 September 2026
Where payable : Entitlements will be made either by way of telegraphic transfer or by cheque, to be collected from the Company’s registered address as above.

Photo credit: Benjamin Child
Published: 18 September, 2026

Winding up

Singapore: Marine fuel testing firm CCIC Singapore faces winding up application

Application for the winding up of CCIC Singapore Pte Ltd was filed by Hong Kong-registered CCIC International Holding Limited on 7 September, according to Government Gazette notice.

Published

6 days ago

September 15, 2026

Admin

An application for the winding up of marine fuel testing and surveying firm CCIC Singapore Pte Ltd (CCIC Singapore) was filed by Hong Kong-registered CCIC International Holding Limited on 7 September, according to a Monday (14 September) notice on the Government Gazette.

It noted the winding up application is directed to be heard before the Judge sitting in the General Division of the High Court at 10am on 2 October.

Manifold Times previously reported US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned nearly two dozen firms operating in multiple jurisdictions, including CCIC Singapore.

OFAC alleged that Sepehr Energy “consistently relied” on CCIC Singapore to accomplish not only the necessary pre-delivery cargo inspections required before oil is transferred to China, but also to conceal the oil’s Iranian origins.

In late 2024, CCIC Singapore provided inspection services during a ship-to-ship transfer of approximately two million barrels of Iranian oil from the sanctioned vessel and Sepehr Energy-affiliated SIRI (IMO 9281683), formerly known as the ANTHEA.

In June 2025, CNA reported that the company laid off hundreds of workers after it was hit with the sanctions. Later, the CCIC Singapore told CNA that the layoffs were due to the impact of the sanctions which was greater than expected, and that it has ceased operations in Singapore.

According to the Government Gazette notice, any creditor or contributory of the company desiring to support or oppose the making of an order on the winding up application may appear at the time of hearing by himself or his counsel for that purpose.

A copy of the winding up application will be furnished to any creditor or contributory of the company requiring the copy of the winding up application by the solicitors of the applicant’s, Oon & Bazul LLC, on payment of the regulated charge for the same.

The Applicant’s address is 29/F, East Tower, Shun Tak Centre, 168-200 Connaught, Rd Central, Hong Kong, China.

The Applicant’s solicitors are TKQP Law LLP of 1 Wallich Street, #07-02 Guoco Tower, Singapore 078881.

Note: Any person who intends to appear at the hearing of the winding up application must send notice of such intention to the abovenamed TKQP Law LLP, the Claimant’s solicitors, within the time and in the manner set out in rule 70 of the Insolvency, Restructuring and Dissolution (Corporate Insolvency and Restructuring) Rules 2020. The notice must be in Form CIR-15 and state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person, firm, or his or their solicitor (if any) and must be served and, if sent by post, must be posted in such time as in the ordinary course of post to reach the address of the Claimant’s abovenamed solicitors, at least 3 clear working days before 2 October 2026 (the day appointed for the hearing of the application).

Photo credit: Manifold Times
Published: 15 September, 2026