Investigations by local authorities have uncovered staff of former Singapore bunker supplier Vermont UM Bunkering Pte Ltd (Vermont) short delivering USD 3.6 million (exact: USD 3,645, 976.34) worth of marine fuel to 14 clients* over 52 occasions between 4 January 2014 and 2 March 2016.
The development involved Poh Fu Teck (Director), Koh Seng Lee (Director), Lee Kok Leong (Bunker Manager), Lee Peck Yong (Cargo Officer), Loh Cheok San (Senior Cargo Officer) and two absconded staff namely Yang San Hua (Director) and Xing Tao (Financial Controller).
Loh Cheok San (Mr Loh) was at the State Courts of Singapore on Thursday (21 July) when he pleaded guilty to two counts of cheating under Section 420 of the Penal Code read with Section 109 of the Penal Code (Cap 224, 2008 Rev Ed).
He gained SGD 48,800 worth of commission from “buyback” bunker transactions and illegally obtained SGD 410,712.257 by cheating Vermont, according to court documents obtained by Manifold Times.
“Buyback” Bunker Transactions
Mr Loh receive about SGD 10 per metric tonne (pmt) of marine fuel oil as commission for participating in “buyback” transactions which would be split 50-50 between him and any cargo office involved in the transaction.
He is estimated to have earned a commission of at least SGD 43,600 from the “buyback” transactions he participated in – calculated from multiplying SGD 5 pmt by the 8,720 metric tonnes of under-delivered marine fuel oil.
Extra Commission Cheated from Vermont
Further, Mr Loh said he was instructed by Lee Kok Leong to over-declare “buyback” figures to Vermont in order to gain extra money for sharing with his peers. This resulted in him earning an estimated extra commission of SGD 5,200 from Vermont.
Cheating Vermont
Investigations also uncovered Vermont being cheated of at least USD 979,750 in total by Mr Loh, Lee Kok Leong, and Gerald Lee.
The difference between what was declared to Vermont and the amount actually paid to the Chief Engineer of the vessel would be split equally between the three individuals after paying the cargo assistant, usually SGD 5 pmt.
It is estimated Loh’s share of the difference was about USD 314,960.95 (SGD 410,712.257).
Mr Loh, who has not made any restitution of his illegal gains to date, has been scheduled to face sentencing in October 2022.
*Singapore bunkering publication Manifold Times has chosen to withhold the names of these 14 clients
Related: Directors of Vermont granted leave to pursue legal suits against Goldsland and Sin Hua
Related: Vermont UM Bunkering makes winding up application at Singapore High Court
Related: Vermont UM Bunkering Directors plan to defend claims from Hong Kong firms
Related: Goldsland Holdings moves in to secure US $22 million from Vermont UM Bunkering
Related: Bank seeks $38 million from arrested Singapore bunker tankers
Related: Singapore: Four bunker tankers arrested
Related: Singapore-based Vermont UM Bunkering directors, staff charged for fraud
Photo credit: Manifold Times
Published: 25 July, 2022
Plans to introduce LNG bunkering at Spanish ports as marine refuelling ops become a ‘public service obligation’.
‘It is undisputed that Sing Fuels furnished fuel in Port Elizabeth that enabled the M/V Lila Shanghai to continue on its way […] and it is undisputed that Sing Fuels was never paid for this fuel,’ states Judge.
Firm was formed in February 2011 to purchase VLCC ‘Tenyo’ from NYK, which was subsequently chartered to Thai Oil under a 10-year long-term.
Paresh Tribhovan Jotangia and Ho May Kee of Grant Thornton Singapore Private Limited appointed as joint and several liquidators.
Ship management company pleads guilty to illegally dumping bilge waste, destroying and altering Topaz Express waste discharge records.
Ex-manager in charge of BP Singapore’s bunker fuel business, Clarence Chang Peng Hong, 57, was also ordered to pay a penalty equivalent to the bribes he received between 2006 and 2010.
Transferred shares of 40 subsidiaries to BVI firm after tribunal awarded claims in favour of Trinity Seatrading; YSPL has also filed a civil complaint against DNV and Liberian ship registry at Nanjing Maritime Court.
ADNOC L&S, Gulf Energy Maritime, Cockett Marine Oil, Mideast/Bahri Ship Management and VPS experts present their views on biofuel bunker hurdles at the VPS Biofuels Seminar in Dubai on 16 March.
‘Bunker barges operate in very local areas so these vessels call at port very often which means it will be a good fit for women with families,’ states Elpi Petraki, President of WISTA International.
“Our Singapore branch is under preparation and is expected to start business at the republic before June 2023,” Managing Director Darcy Wong tells bunkering publication Manifold Times in an interview.
Development to supply B35 biodiesel blend officially takes effect on 1 February; local bunker suppliers will be able to deliver updated spec within March onwards, once current stocks of B30 avails run out.
VPS, Global Centre for Maritime Decarbonisation, Wilhelmsen Ship Management, and INTERTANKO executives offered a multitude of perspectives to 73 attendees during the VPS Biofuels Seminar, reports Manifold Times.
