A notice was published in the Government Gazette on Wednesday (16 April), regarding the second and final intended dividend to creditors of defunct bunkering firm Coastal Oil Singapore Pte Ltd.

The following are details of the notice of intended dividend of the company:

Name of Company : Coastal Oil Singapore Pte. Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 200413975N
Address of Registered Office : 1 Raffles Quay, #27-10, South Tower, Singapore 048583
Last Day of Receiving Proofs : 30 April 2025
Name of Liquidator : Yit Chee Wah
Address : c/o FTI Consulting (Singapore) Pte. Ltd.,1 Raffles Quay,#27-10, South Tower, Singapore 048583

In 2021, the former Chief Finance Officer of Coastal Oil Singapore received a nine-year jail sentence at the State Courts of Singapore.

Ong Ah Huat earlier pleaded guilty to 15 charges; the charges include three counts of engaging in a scheme to defraud and nine counts of forgery for conspiring with accomplices to defraud eight banks into approving USD 320 million in loans.

The banks involved were: China Merchants Bank (Singapore), Bank of Communications (Hong Kong), BNP Paribas (Hong Kong), Cooperative Rabobank (Hong Kong), DBS Bank (Hong Kong), HSBC (Hong Kong), OCBC (Hong Kong), and Standard Chartered Bank (Hong Kong).

In 2019, Manifold Times reported Hong Kong-listed COSCO SHIPPING International (Hong Kong) Co., Ltd stating its indirect wholly-owned bunkering subsidiary Sinfeng suspecting fraud to be involved in the liquidation of Coastal Oil Singapore during December 2018.

It was believed Coastal Oil Singapore owed approximately US $357 million to 79 firms. Out of the total USD 357 million, banks were the hardest hit taking up about US $354 million, or 99.1%, of total credit owed.

A complete coverage of the events leading to the current development has been arranged by Singapore bunker publication Manifold Times (in descending date order) below: 

Related: Former CFO of defunct bunkering firm Coastal Oil Singapore receives nine-year jail sentence
Related: Former Coastal Oil CFO admits to defrauding eight banks of USD 320 million in loans
Related: Singapore: Former Coastal Oil employees face forgery charges over fake sales contracts
Related: Coastal Oil hearings progress, court grants liquidators access to Sinfeng documents
Related: China Merchants Bank legal suit with Sinfeng over alleged $13 million debt progresses
Related: Fraud suspected in Coastal Oil Singapore case, says COSCO
Related: Coastal Logistics owned “Atalanta”, “Babylon” to undergo auction
Related: Singapore: Bunker tanker “Coastal Mercury” arrested
Related: Heng Tong Fuels & Shipping in court over DBS Bank bunker tanker loan
Related: Coastal Logistics owned MR tanker “Babylon” arrested
Related: Fraud suspected in Coastal Oil Singapore case, says COSCO
Related: Coastal Oil Singapore: Creditor list surfaces in bunker market
Related: Singapore: Bunker tanker “Coastal Neptune” arrested
Related: Coastal Oil Singapore creditors meeting scheduled on 10 Jan
Related: Coastal Oil Singapore in US $380 million debt to at least 10 banks
Related: Singapore: Coastal Logistics owned MR tanker “Atalanta” arrested
Related: Heng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market
Related: Coastal Oil Singapore to hold creditors meeting on 28 Dec
Related: Breaking news: Coastal Oil Singapore under liquidation

Photo credit: Benjamin-child
Published: 17 April, 2025

A director of Sinco Shipping Pte Ltd filed a statutory declaration (SD) stating that the company cannot continue its business due to its liabilities, according to a 15 April (Tuesday) notice on the Government Gazette.

In the SD, the director, Sharma Mohit Krishnabhagwan, said meetings of the company and of its creditors have been summoned for 28 April. 

According to SGP Business website, a business platform for business and individuals, the company’s main business was in shipping including chartering of ships and boats with crew (freight) with renting. 

In another notice, it was stated that Mr Lau Chin Huat and Mr Yeo Boon Keong, Licensed Insolvency Practitioners, both of Technic Inter-Asia Pte Ltd, c/o 50 Havelock Road #02-767 Singapore 160050, have been appointed as joint and several provisional liquidators of the company on 11 April.

In a third notice on the Government Gazette, the liquidators said a meeting of creditors of the company will be held by way of video conference via Zoom (deemed venue : 50 Havelock Road, #02-767 Singapore 160050) on 28 April at 11:30am, for the following purposes:

• To lay a full statement of the company’s affairs together with a list of creditors and the estimated amounts of their claims;
• To nominate Liquidator(s) or confirm the nomination of Liquidator(s) by member(s);
• To consider and if thought fit, appoint a Committee of Inspection consisting of not more than 5 persons, whether creditors or not, for the purpose of winding up the company; and
• Any other business.

To attend, creditors have to nominate and vote thereat their Proof of Debt and a proxy form must be lodged with the liquidators no later than 4pm on 25 April 2025.

A copy of the Proof of Debt form, proxy form, a statement showing the names of all creditors and the amount of their claims . This notice has been dispatched to all known creditors of the company. 

Any other person claiming to be a creditor of the company as at this date may write to the liquidators to request for copies.

Creditors would need to register their attendance by email to [email protected] no later than 4pm on 25 April 2025 to receive instructions on how to join the video conference via Zoom.

Photo credit: Drew Beamer on Unsplash
Published: 16 April, 2025

A creditors’ meeting for Vasi Shipping Pte Ltd has been scheduled to take place on 28 April, according to a Government Gazette notice by the company’s director on Thursday (10 April). 

The meetings will be held via audio visual communication at 3pm. 

The agenda of the meetings will be as follows:

• receiving a statement of the company’s affairs together with a list of creditors and the estimated amounts of their claims;
• appointing Liquidator(s);
• appointing a committee of inspection of not more than 5 members, if thought fit;
• any other business.

According to the company’s website, Vasi Shipping provides end-to-end shipping solutions and provides ocean freight management services, specialising in the movement of fertilisers, minerals and chemicals within Asia and beyond.

Note: 

• A creditor entitled to attend the above meeting may appoint a proxy to attend in his stead. A proxy need not be a creditor of the Company. The instruments appointing a proxy must be lodged in the following manner:
• by email to the email address at ([email protected]); or
• by post to 11 Collyer Quay, #07-02 The Arcade, Singapore 049317; not later than 3.00 p.m. two days before the meeting or adjourned meeting at which it is to be used.
• Arrangements relating to attendance at the meeting via electronic means (including arrangements by which the meeting can be electronically accessed via live audio-visual webcast), will be sent by email upon receipt and verification of the proxy form. The email will contain meeting ID and password details, as well as the link to access the live audio-visual webcast.
• Pursuant to Section 445 of the IRDA, should creditors(s) with at least 10% in value of the total creditors’ claims require a place for the meeting be specified, please notify the Liquidators’ office by 14 April 2025.

Photo credit: steve pb from Pixabay
Published: 14 April, 2025