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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
Related: New 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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Vessel Arrest

Malaysia: MMEA detains Thai tanker off Kelantan after shown suspicious documents

Initial checks revealed that insurance documents and other documents related to the vessel appeared suspicious and all six crew members on board failed to provide valid identification documents.

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May 23, 2025

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Malaysia: MMEA detains Thai tanker off Kelantan after shown suspicious documents

The Kelantan Malaysian Maritime Enforcement Agency (MMEA) on Thursday (22 May) said it has detained a suspicious tanker at about 100 nautical miles from the Tok Bali estuary on 20 May. 

Kelantan MMEA director, Maritime Captain Erwan Shah Soahdi said an MMEA asset had detained the tanker while patrolling the Malaysia-Vietnam border. 

The vessel was detected after displaying several suspicious signs at around 1 pm before it was successfully detained 20 minutes later.

Malaysia: MMEA detains Thai tanker off Kelantan after shown suspicious documents

“Initial checks revealed the vessel has six crew members, including a captain and all are believed to be Thai citizens aged between 38 and 70,” he said.

It was also found that the insurance documents and other documents related to the vessel appeared suspicious and all the crews on board the vessel failed to provide valid identification documents during the check. 

The case is being investigated under the Immigration Act 1959/63 and the Merchant Shipping Ordinance 1952.

 

Photo credit: Malaysian Maritime Enforcement Agency
Published: 23 May, 2025

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Winding up

Singapore: Creditors’ meeting scheduled for Quetzal Offshore Pte Ltd

Meeting for Quetzal Offshore will be held through electronic means on 27 May at 3pm to confirm the appointment of liquidators, according to Government Gazette notice.
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May 21, 2025

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The creditors’ meeting of Quetzal Offshore Pte Ltd Pte Ltd, has been scheduled to take place on 27 May, states a Monday (19 May) notice posted on the Government Gazette. 

The meeting for creditors of the company will be held by way of electronic means at 3pm. 

The purposes of the meeting are:

  • receiving a statement of the Company’s affairs together with a list of creditors and the estimated amounts of their claims;
  • confirming the appointment of Mr. Chan Kwong Shing, Adrian, Ms. Toh Ai Ling and Ms. Tan Yen Chiaw all care of KPMG Services Pte. Ltd. of 12 Marina View, #15-01 Asia Square Tower 2, Singapore 018961, as the joint and several Liquidators of the Company pursuant to Section 167(1) of the Act for the purpose of winding up the affairs of the Company at such remuneration based on time costs;
  • resolving 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;
  • forming a Committee of Inspection of not more than 5 members, if thought fit; 
  • and any other business

According to SGP Business website, a business platform for businesses and individuals, the company’s main business was offering ship management services. 

 

Photo credit: Benjamin-child
Published: 21 May, 2025

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Sanctions

UK cracks down on Russian shadow fleet with fresh sanctions

Latest sanctions target 18 more ships in the ‘shadow fleet’ carrying Russians oil; John Michael Ormerod, a British national, also faced sanction for procuring ships for Russia’s shadow fleet.

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May 21, 2025

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The UK on Tuesday (20 May) announced a raft of 100 sanctions targeting Russian military, energy, financial sectors and those conducting Putin’s information war against Ukraine.

The latest sanctions target 18 more ships in the ‘shadow fleet’ carrying Russians oil, along with the fleet’s enablers. The Prime Minister announced 110 shadow fleet related sanctions ahead of his visit to Kyiv earlier this month.  

John Michael Ormerod, a British national, also faced sanction for procuring ships for Russia’s shadow fleet. Two Russian captains of shadow fleet tankers were also named in the list of individuals who were sanctioned. 

“This action imposes a personal cost on those who are supporting Russia’s trade in oil and is another step in the Foreign Secretary’s personal mission to constrain the Kremlin and a crucial part of the Plan for Change to ensure a secure Britain,” the government said in a statement. 

The UK is also working with partners to tighten the Oil Price Cap that limits the price that Russia can charge for its oil if transported using G7 services like insurance and shipping. 

“We are reviewing the $60 crude price level, with a view to lowering the cap closer to the cost of production and hitting Putin where it hurts by striking at his oil revenues,” it added.

The following is the list of sanctioned 18 ships:

  • TORONTO (IMO 8808525)  
  • NEXT (IMO 9286023) 
  • SPRING FORTUNE (IMO 9386536)  
  • RAGNAR (IMO 9384095)  
  • FURIA (IMO 9257802) 
  • CORTEX (IMO 9291250)  
  • CETUS (IMO 9418482)  
  • MISSONI (IMO 9296810) 
  • OTLA (IMO 9299719)  
  • MAIN (IMO 9387255) 
  • NAUTILUS (IMO 9434890) 
  • ARABELA (IMO 9253313)  
  • RICCA (IMO 9292577)  
  • TEAM (IMO 9292589) 
  • LEOPARD (IMO 9284594) 
  • PIERRE (IMO 9266877) 
  • JAMES II (IMO 9253909) 
  • LIETO (9389679) 

 

Photo credit: balesstudio on Unsplash
Published: 21 May, 2025

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