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Winding up

Singapore: Notice of dividend issued for defunct bunkering firm Coastal Oil Singapore

Second and final dividend of Coastal Oil Singapore is scheduled to be released from 19 May; company’s former Chief Finance Officer received a nine-year jail sentence in 2021.

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RESIZED Coastal Oil Singapore Pte Ltd

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

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

Name of Company : Coastal Oil Singapore Pte. Ltd. (In Creditors’ Voluntary Liquidation) (Co. Reg. No 200413975N)
Address of Registered Office : 1 Raffles Quay, #27-10 South Tower, Singapore 048583
Amount per centum : 0.3552 per centum of all admitted ordinary claims
First and final or otherwise : Second and Final Dividend
When payable : On or after 19 May 2025
Method of payment : Remittance or telegraphic transfer
Where payable : 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: Notice of intended dividend issued for defunct bunkering firm Coastal Oil Singapore
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: Manifold Times
Published: 19 May, 2025

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Winding up

Singapore: DBS Bank submits court winding up application against AMS Marine

Bank is a creditor AMS Marine, part of the AMS Marine Group compromising of a sister firm in Malaysia.

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RESIZED singapore high court

DBS Bank on 6 June submitted a winding up application to the High Court of the Republic of Singapore against Singapore-based AMS Marine Pte Ltd, according to a Government Gazette post on Friday (13 June).

The bank is a creditor AMS Marine, part of the AMS Marine Group compromising of a sister firm in Malaysia offering a full suite of engineering services encompassing piping, steelworks, and afloat repair to oil & gas vessels.

The winding up application is directed to be heard before the Judge sitting in the General Division of the High Court of the Republic of Singapore at 10.00 a.m. on 4 July 2025.

Any creditor or contributory of AMS Marine 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 AMS Marine requiring the copy of the winding up application by the undersigned on payment of the regulated charge for the same.

The Claimant’s address is 12 Marina Boulevard, Marina Bay Financial Centre Singapore 018982. The Claimant’s solicitors are Shook Lin & Bok LLP of 1 Robinson Road #18-00, AIA Tower, Singapore 048542.

Note: Any person who intends to appear on the hearing of the winding up application must serve on or send by post to the Claimant’s solicitors, notice in writing of his intention to do so. The notice must 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, or, if posted, must be sent by post in sufficient time to reach the abovenamed not later than 30 June 2025 (at least 3 clear working days before the day appointed for the hearing of the winding up application).

 

Photo credit: Manifold Times
Published: 16 June 2025

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Winding up

Singapore: Quetzal Offshore Pte Ltd to be wound up voluntarily

Joint and several liquidators were appointed for the company at an extraordinary general meeting held via electronic means on 27 May, according to Government Government notice.

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RESIZED Drew Beamer

Several resolutions for Quetzal Offshore Pte Ltd were made during an extraordinary meeting held via electronic means on 27 May, according to a post in the Government Gazette on Tuesday (3 June).

The duly passed resolutions were:

As Special Resolution

  • That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly, the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018) (the “Act”);

As Ordinary Resolutions

  • That 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, be confirmed 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; and
  • 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.

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

 

Photo credit: Drew Beamer
Published: 4 June, 2025

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Winding up

Singapore: Long Ning Marine and related companies to be wound up voluntarily

Other companies involved in the matter are Rui Ning Marine and Xiang Ning Marine; creditors of the companies are required on or before the 30 June to send in their details to liquidators.

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Resized benjamin child

Singapore-based Long Ning Marine Pte Ltd and its related companies will voluntarily wind up following Extraordinary General Meetings held on 22 May, according to a Government Gazette notice published on Thursday (29 May).

The other companies are Rui Ning Marine Pte Ltd and Xiang Ning Marine Pte Ltd. 

The meeting was held at 7 Temasek Boulevard, #10-01/02 Suntec Tower One, Singapore 038987.

According to Companies.sg, Long Ning Marine’s principal activity is shipping including chartering of ships and boats with crew. 

The following resolutions were resolved during the meeting:

Special Resolutions 

  • That the Company be wound up voluntarily.
  • That the Liquidators of the Company be and are hereby authorised to exercise any or all of the powers given by Section 144(1)(b), (c), (d), (e), (f) and (g) of the Insolvency, Restructuring and Dissolution Act 2018.
  • That the Liquidators be authorised to distribute either in cash or in specie to the contributories any part or all of the surplus assets of the Company.

Ordinary Resolution

  • That the appointment of Messrs. Lin Yueh Hung and Goh Wee Teck care of 8 Wilkie Road, #03-08 Wilkie Edge Singapore 228095, as joint and several Liquidators of the Company for the purposes of such winding up be and is hereby approved

In another notice, creditors of the companies are required on or before 30 June to send in their names and addresses and particulars of their debts or claims, and the names and addresses of their solicitors (if any) to the liquidators of the said companies.

Liquidators may also require creditors, by their solicitors or personally, to “come in and prove their debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved.”

The following are the details of the liquidators:

Lin Yueh Hung
Goh Wee Teck
Liquidators
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095

 

Photo credit: Benjamin Child
Published: 30 May, 2025

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