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Former CEO of Singapore-listed New Silkroutes Group amongst three others facing 31 charges at court

Dr Goh Jin Hian was the ex-Director of former Singapore bunker supplier and bunker craft operator Inter-Pacific Petroleum; he faced a USD 156 million civil trial at the Singapore High Court in April 2023.

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Former Chief Executive Officer of Singapore-listed New Silkroutes Group Limited (NSG), Dr Goh Jin Hian, former Chief Corporate Officer, Oo Cheong Kwan Kelvyn, and former Finance Director, Teo Thiam Chuan William, were charged in court on Wednesday (20 September) with false trading offences under the Securities and Futures Act (SFA).

A fourth individual, Huang Yiwen, the sole director of GTC Group Pte Ltd (a commercial market maker engaged by NSG during the material time), was also charged with similar offences.

The four men were each charged with 31 counts of Section 197(1)(b) of the SFA read with Section 109 of the Penal Code for engaging in a conspiracy to create a misleading appearance with respect to the price of NSG securities.

They allegedly placed orders and executed trades in NSG securities for a purpose of pushing up the price of NSG securities on 31 trading days between 26 February 2018 and 27 August 2018. The alleged price manipulative orders and trades include share buy-backs conducted through NSG’s corporate trading account.

Dr Goh faces a further eight counts of Section 197(1)(b) of the SFA for allegedly placing orders and executing trades in NSG securities through his personal trading account for a purpose of pushing up the price of NSG securities on eight trading days between 31 August 2018 and 4 December 2018.

The charges above arose from a joint investigation carried out by the Commercial Affairs Department of the Singapore Police Force and the Monetary Authority of Singapore which started in September 2020.

If convicted of an offence under Section 197 of the SFA, offenders may be liable to an imprisonment term not exceeding seven years, or a fine not exceeding $250,000, or both.

Inter-Pacific Petroleum

Dr Goh, who was the ex-Director of former Singapore bunker supplier and bunker craft operator Inter-Pacific Petroleum (IPP), in April 2023 faced a USD 156 million civil trial initiated by IPP liquidator Deloitte & Touche over alleged breach of his director’s duties for IPP.

The Singapore branch of Maybank and Societe Generale (SocGen), both IPP’s largest creditors, are respectively looking to recover from exposure of an estimated USD 88.3 million and USD 81.3 million.

Reportedly, Dr Goh has said it was not the responsibility of the director to authenticate documents from management and he disputes against the banks’ own due diligence and credit risk assessments.

International Energy Group 

NSG in late March 2019 announced subsidiary New Silkroutes Capital signing a share sale and purchase agreement with Hong Kong-based TK Energy Limited for the disposal of the entire shareholding interests in International Energy Group Pte. Ltd. (IEG) for US $10 million in cash.

Singapore-headquartered IEG, which trades mainly gas oil and fuel oil, sells its products to international counterparties including oil majors and national oil companies.

In January 2021, stakeholders of IEG decided the firm can no longer continue business due to its liabilities and proceeded to summon a creditors’ meeting.

A meeting to distribute intended dividend to IEG creditors was later held in March 2023.

A timeline organised list of events preceding the current development of Inter-Pacific Petroleum has been recorded by Manifold Times below:

Related: Singapore: Civil trial between Inter-Pacific Petroleum and Dr Goh Jin Hian begins
Related: Former Singapore Director of Inter-Pacific Petroleum sued for USD 156 million
Related: Inter-Pacific Petroleum creditors authorised to fund lawsuit against former Director
RelatedNew Silkroutes under investigation over possible breach of Securities and Futures Act
Related: Judicial Managers considering to take former Singapore Director of Inter-Pacific Petroleum to court
Related: Singapore: Inter-Pacific Group receives winding up order from High Court
Related: Singapore: Inter-Pacific Group files for winding up application at High Court
Related: MPA revokes Inter-Pacific Petroleum Pte Ltd bunker supplier licence
Related: Co-heads of Trade and Commodities Finance for Asia-Pacific leave SocGen
Related: Inter-Pacific Group, Inter-Pacific Petroleum to hold creditors’ meet
Related: NewOcean detains Singapore-flagged bunker tanker “Pacific Energy 28”
Related: SocGen lawsuit against NewOcean Petroleum dropped, party to counterclaim
Related: MPA revokes Inter-Pacific Petroleum bunker craft operator licence
Related: Magnets on MFMs: Trial starts for former bunker clerk of “Consort Justice
Related: First suspect charged over MFM tampering in landmark case
Related: With nearly $180 million of debt, IPP proposes interim judicial management
Related: Inter-Pacific Group, Inter-Pacific Petroleum under judicial management
Related: Magnets on MFMs: “Consort Justice” crew pleads ‘not guilty’ to tampering charge
Related: IPP responds to temporary suspension of bunker craft operator licence
Related: MPA temporarily suspends IPP bunker craft operator licence
Related: Singapore: Bunker Cargo officer, crew face charges over alleged MFM tampering

A timeline organised list of events preceding events of International Energy Group is as follows:

Related: New Silkroutes under investigation over possible breach of Securities and Futures Act
Related: Singapore: Gas oil, fuel oil trading firm IEG disposed for $10 million
Related: Singapore: International Energy Group to be wound up; calls for creditors meeting
Related: Singapore: Liquidator issues notice of intended dividend to IEG creditors

Photo credit: Manifold Times
Published: 21 September, 2023

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Bunker Fuel

Creditors to file proof of debt for Singapore’s collapsed oil firm Hin Leong Trading

Creditors who have not previously filed a proof of debt with the Liquidators in respect of their debts are to file their proof of debt with liquidators by 6 June 2024.

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calculator steve pb from Pixabay

A notice in the Government Gazette was published on Thursday (23 May) by liquidators of Singapore-based defunct oil trading company Hin Leong Trading, which is undergoing compulsory liquidation,  for creditors to file proof of debt against the company.

Creditors who have not previously filed a proof of debt with the Liquidators in respect of their debts are to file their proof of debt with the Liquidators in the prescribed form (Form CWU-1) by 6 June 2024 (the Submission Deadline).

Creditors who do not file a proof of debt by the Submission Deadline will be excluded from the aforementioned interim dividend.

For the avoidance of doubt, creditors who had previously filed a proof of debt with the Liquidators shall not be required to re-file their proof of debt.

Proofs of debt may be submitted to the Liquidators by way of e-mail or by mail at the following address:

Hin Leong Trading (Pte.) Ltd (In Compulsory Liquidation)
c/o the Liquidators
7 Straits View, Marina One
East Tower, Level 12
Singapore 018936
Email: [email protected] 

Any queries in relation to and/or arising out of this Notice should be directed to the liquidators by way of email at [email protected]

Manifold Times previously reported Founder of Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, was convicted on two charges of cheating and one charge of instigating forgery for the purpose of cheating after a trial of over 60 days.

The 82-year-old 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. 

These three charges concern two fraudulent discounting applications made by Hin Leong to the Hongkong and Shanghai Banking Corporation Limited (HSBC), pursuant to which HSBC disbursed a total of USD 111,683,939 to Hin Leong. The rest of the charges were stood down pending resolution of the trial.

An extensive coverage by Singapore bunkering publication Manifold Times regarding the fall of Hin Leong can be found below:

Related: Singapore: Lawyers of OK Lim and daughter accuse former PA of lying in her testimony
Related: Former PA to Hin Leong Trading Founder refutes OK Lim’s claim on his role in firm
Related: Founder OK Lim grilled by prosecutors on his involvement at Hin Leong Trading
Related: Singapore: Hin Leong Trading Founder testifies for the first time in his own defence
Related: Singapore: Hin Leong Trading Founder to testify in USD 111.7 mil cheating, forgery case
Related: Singapore: O.K. Lim, children faces liquidators and HSBC in USD 3.5 bil civil lawsuit
Related: Former PA to Hin Leong Trading Founder found lying in CAD investigations
Related: Singapore: Hin Leong Trading Founder goes to trial for cheating, forgery charges
Related: Hin Leong Trading Founder faces additional 105 cheating, forgery charges in court
Related: Ocean Tankers judicial managers progressing to liquidate firm after expiry of court order
Related: Singapore: Hin Leong Trading Director charged with obstructing course of justice
Related: Court of Appeal: Hin Leong, Lim family claim ‘without any factual or legal basis’
Related: Singapore: High Court dismisses UniCredit Bank USD 37 million claim against Glencore over Hin Leong transaction
Related: Singapore: Hin Leong takes Deloitte to court over alleged auditing failures
Related: Hin Leong Trading Founder OK Lim facing 23 new forgery-related charges at State Courts
Related: Application to wind up Hin Leong Trading subsidiary, Hin Leong Marine approved
Related: Singapore High Court approves Hin Leong Trading wind up order application
Related: Hin Leong Trading liquidates a third of its fleet to recover USD 3.5 billion debt
Related: Lim family aims to wind up Hin Leong Trading subsidiary, Hin Leong Marine
Related: Judicial Managers of Hin Leong Trading Pte Ltd file for winding up order
Related: Hin Leong judicial managers to hold meeting of creditors to discuss fees incurred
Related: Lim family files application to wind up Hin Leong Trading subsidiary, Hin Leong Marine
Related: First creditors meeting of Ocean Tankers to be held in early January 2021
Related: Bank of China takes legal action against BP Plc and Lim family to recover $312.9 million
Related: OBS to wind up operations; creditor list alleges estimated USD 42 million debt
Related: Ocean Tankers publishes notice for creditors to prove any debts or claims for publication
Related: Hin Leong Trading founder denies allegations of forgery put forward by HSBC
Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management
Related: HSBC takes Lim family and Hin Leong employee to court to recover USD 85.3 million
Related: Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditors
Related: Xihe Capital and subsidiaries, Nan Guang Maritime to undergo voluntary liquidation
Related: MPA: Ocean Bunkering Services licenses suspended ‘until further notice’ and not revoked
Related: Ocean Bunkering Services bunker claims against ASL Marine & Offshore heads to arbitration
Related: Ocean Tankers to return most ships to owners to reduce $540,000 a day cash burn
Related: Singapore: Ocean Bunkering Services license suspended until further notice
Related: PwC publishes ‘investment opportunity’ for Singapore independent bunker fuel supplier
Related: Hin Leong founder O.K. Lim hit with second charge of abatement in forgery
Related: Hin Leong judicial managers and legal firms could rack up SGD 17.3 million in fees
Related: Winson Group wins ICC backing in dispute against banks over credit for Hin Leong Trading
Related: O.K. Lim and two children sued for USD 3.5billion; receiver appointed for 3 Xihe ships
Related: Managers of Ocean Tankers looking to recover USD 19 million from Lim family
Related: Argus Media: Singapore’s Hin Leong founder charged with forgery
Related: Xihe Holdings placed under IJM as OCBC reverses decision for ‘consensual restructuring’
Related: Xihe replaces Directors, forms new management team to chart fresh course for Group
Related: Hin Leong Trading lawyers publish application to fulfill requirements for hearing to proceed
Related: Ocean Tankers legal team publishes application to be placed under judicial management
Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed
Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL
Related: OCBC files for Xihe Holdings to be placed under judicial management
Related: Judicial managers of Ocean Tankers discover discrepancies and fraud in exposure claims
Related: Judicial managers of Ocean Tankers to present restructuring proposals to owners
Related: PwC probes uncover mass grave of financial skeletons and alleged fraud within HLT
Related: Winson Group seeks SGD 30.4 million from Standard Chartered over HLT related trade
Related: Winson Group seeks SGD 30.4 million from OCBC over credit pull in Hin Leong trade
Related: Ocean Tankers: Notice to prove debt or claim published by interim judicial managers
Related: ‘Reasonable prospects’ to keep Ocean Tankers as a going concern, states Director
Related: Singapore: Ocean Tankers, a separate entity of Hin Leong, seeking judicial management
Related: Singapore High Court concedes interim judicial management to Hin Leong Trading
Related: Sembcorp commences legal proceedings against Hin Leong Trading over gasoil cargo
Related: Sembcorp Cogen aborts gasoil supply and storage contract with Hin Leong Trading
Related: Report: Sinopec expresses interest in Hin Leong Trading stake of Universal Terminal
Related: Report: Hin Leong Trading appoints PwC as interim judicial manager
Related: Singapore’s Police Force commence investigations into Hin Leong Trading
Related: Report: Hin Leong Trading founder gave instructions to hide USD 800 million losses
Related: Singapore: Ocean Bunkering Services to discontinue marine fuel deliveries
Related: Hin Leong in debt restructuring exercise; Ocean Tankers a separate entity, says CEO
Related: Report: Hin Leong Trading finances under scrutiny, amid credit pull from two banks

 

Photo credit: steve pb from Pixabay
Published: 28 May 2024

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Business

Singapore: Annual general meetings scheduled for An Xing Shipping and Xin Guang Shipping

Meetings will be held on 11 and 13 June for An Xing Shipping Pte Ltd and Xin Guang Shipping Pte Ltd respectively to to receive an update on firms’ liquidation.

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RESIZED Drew Beamer

Several notices were published on the Government Gazette on Monday (27 May) regarding the annual general meetings to be held on 11 and 13 June for An Xing Shipping Pte Ltd and Xin Guang Shipping Pte Ltd respectively. 

Annual general meetings for An Xing Shipping are to be held on 11 June at the following times:

For the company: 10am
For the creditors: 11am

Annual general meetings for Xin Guang Shipping are to be held on 13 June at the following times:

For the company: 10am
For the creditors: 11am

The agenda for all the meetings are:

  1. To receive an update on the liquidation.
  2. To receive an account of the Liquidators’ acts and dealings, and of the conduct of the winding up

The following are the details of the liquidator:

Ho May Kee
Liquidator
c/o 8 Marina View
#40-04/05 Asia Square Tower 1
Singapore 018960

 

Photo credit: Drew Beamer
Published: 28 May 2024

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Legal

Shipping firms face USD 2 mil fine after pleading guilty for dumping oil at sea

Prive Overseas Marine LLC and Prive Shipping Denizcilik Ticaret pleaded guilty to conspiracy, knowingly violating APPS and obstruction of justice related to falsification of Oil Record Book of tanker “PS Dream”.

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PS Dream vessel

Two related companies that operated the motor tanker PS Dream – Prive Overseas Marine LLC and Prive Shipping Denizcilik Ticaret – pleaded guilty on Tuesday (21 May) to conspiracy, knowingly violating the Act to Prevent Pollution from Ships (APPS) and obstruction of justice related to the falsification of the tanker’s Oil Record Book, which is a required log.

According to the US Department of Justice, the guilty pleas were entered in federal court in New Orleans.

If the court approves the plea agreement, the companies will be fined a total of USD 2 million and serve four years of probation. Separate charges have been filed against Captain Abdurrahman Korkmaz, a Turkish national who was the ship’s master.

The criminal case stems from the report of a crew member who, on Jan. 11, 2023, contacted the Coast Guard in New Orleans, which was the next port-of-call, and shared a video showing oil being pumped overboard and trailing behind the tanker. When the ship arrived in New Orleans two weeks later, this individual and another crew member blew the whistle and provided evidence to the Coast Guard. Video and photographic images were filed in court today by the prosecutors.

“Deliberate pollution from ships, intentional falsification of records and obstruction of justice are serious environmental crimes that will be vigorously prosecuted to the full extent of the law,” said Assistant Attorney General Todd Kim of the Justice Department’s Environment and Natural Resources Division. “Maritime laws regulating pollution from ships are intended to ensure that ocean waters are not used as a dumping ground.”

“This case involved deceit and willful pollution, and this prosecution is intended to hold both the corporations and individuals accountable,” said U.S. Attorney Duane A. Evans for the Eastern District of Louisiana. “Criminal prosecutions are needed to deter deliberate efforts to circumvent our Nation’s anti-pollution laws. Importantly, $500,000 of the criminal penalty will go toward environmental protection of the marine environment in our area.”

“Today's outcome sends a powerful message: those who falsify logs and take deliberate actions to conceal pollution will face significant consequences,” said Captain Greg Callaghan, Deputy Commander of U.S. Coast Guard (USCG) Sector New Orleans. “The Coast Guard and our partners remain steadfast in our shared commitment to safeguarding our waters and holding accountable those who threaten our marine ecosystems. We encourage individuals to continue reporting any suspicious activities, as each report plays a crucial role in protecting the marine environment."

“It is long past time for the maritime industry to meet its obligations under international law and stop illegal pollution from ships,” said Assistant Administrator David M. Uhlmann of the Environmental Protection Agency’s (EPA) Office of Enforcement and Compliance Assurance. “Illegal ocean dumping and falsifying records to conceal those violations will not be tolerated by EPA and our federal law enforcement partners.” 

The falsified logs, presented to the Coast Guard during its inspection, were intended to conceal the fact that the crew had dumped oil-contaminated waste overboard on the voyage to New Orleans and was not complying with MARPOL Annex I, an international treaty regulating oil pollution from ships. 

According to court documents, the ship’s master ordered crew members to pump overboard from the residual oil tank, which contained oily waste. A portable pump placed inside the tank and connected to a long flexible hose was used to discharge directly into the ocean without any required pollution prevention equipment or monitoring. 

The waste oil, including sludge, originated in the engine room and had been improperly transferred into the residual oil tank on the deck of the ship by a prior crew. Senior managers at Prive Shipping were aware that the oil-contaminated waste remained in the tank and were informed by the ship’s master that it had been dumped overboard.

The proposed USD 2 million criminal penalty includes USD 500,000 in organisational community service payments that will fund various maritime environmental projects in the Eastern District of Louisiana. Those projects will be managed by the congressionally established National Fish & Wildlife Foundation. The court also has authority to award up to USD 500,000, half of the APPS portion of the fine, to the whistleblowers that provided evidence leading to conviction.

Prive Overseas Marine is based in Dubai and Prive Shipping is based in Turkey. The corporations were charged with four felonies: conspiracy, an APPS violation and two counts of obstruction of justice. Captain Korkmaz was charged with two counts: a violation of APPS and obstructing the Coast Guard’s inspection of the ship.

 

Photo credit: büra keskendir / MarineTraffic
Published: 23 May 2024

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