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Singapore: Probe exposes Hong Kong entities issuing ‘false invoices’ to Vermont over purported bunker sales

Dynamic Asset Investments Limited and Goldsland Holdings Co Ltd helped Vermont UM Bunkering maintain a “Cash Float” of about SGD 100,000 to facilitate “buyback” bunker transactions at Singapore port.
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Hong Kong-incorporated entities were allegedly issuing former bunker supplier Vermont UM Bunkering Pte Ltd false invoices for purported marine fuel oil sales, according to a court document obtained by Singapore bunkering publication Manifold Times.

The report noted Vermont needing to maintain a “Cash Float” of about SGD 100,000 to facilitate “buyback” bunker transactions; the monies would be withdrawn from Vermont’s bank account and recorded as a loan to company Director Poh Fu Teck (Mr Poh).

Dynamic Asset Investments Limited

Mr Poh would use Dynamic Asset Investments Limited, a Hong Kong-registered company controlled by himself, to send Vermont invoices for payment of marine fuel oil from Dynamic Asset.

“The false invoices were created to disguise the excess marine fuel oil in Vermont’s inventory as being legitimately purchased from Dynamic Asset, when they were in fact illegally obtained through the ‘buyback’ transactions,” the report explained.

Once Vermont paid Dynamic Asset, the latter would then transfer the sum to Mr Poh’s personal bank account and he would use these monies to repay the purported personal loan from Vermont – when in reality, there was no sale of fuel oil from Dynamic Asset to Vermont.

Goldsland Holdings Co Ltd

From 2014 onwards, the false invoices allegedly showing Vermont purchasing the illegally bought back fuel oil through “buyback” bunker transactions were also issued from Goldsland Holdings Co Ltd, a Hong Kong-incorporated holding company engaged in the businesses of bunker supply, biodiesel, overseas mining, bulk trade and property leasing.

“Goldsland Holdings would issue Vermont false invoices for the purported sale of marine fuel oil. In turn, Dynamic Asset would issue a corresponding false invoice to Goldsland Holdings for the sale of the same or similar quantity of marine fuel oil,” stated the report.

“Vermont would pay Goldsland Holdings pursuant to the false Goldsland Holdings invoices, and Goldsland Holdings would then pay Dynamic Asset pursuant to the corresponding false Dynamic Asset invoices.

“The monies from the fictitious sales would eventually be transferred from Dynamic Asset to Poh. Poh would then use the sum to repay the purported personal loan from Vermont.”

Charges faced by Mr Poh

Mr Poh currently faces a total of 10 charges at the State Courts of Singapore, according to the Attorney-General’s Chambers (AGC); the charges are as follows:

  • Nine charges are under Section 47(1)(a) and punishable under s 47(6) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA) for concealing benefits of criminal conduct, namely the additional fuel obtained from the illegal buyback transactions;
  • One charge is under Section 420 read with s 109 of the Penal Code and read with s 124(4) of the Criminal Procedure Code for conspiring with other co-accused persons to cheat buyers of marine fuel oil on not less than 149 occasions.

 

Background

The Maritime and Port Authority of Singapore on 28 April 2016 revoked the bunker supplier and bunker craft operator licences of Vermont due to discrepancies and wrongful declarations in the records kept on board their bunker tankers.

Mr Poh and Koh Seng Lee (Mr Koh), another Director of Vermont, were later charged by Singapore’s Corrupt Practices Investigation Bureau (CPIB) in November 2017 for cheating and criminal breach of trust offences under the Penal Code.

The duo are currently defending legal claims set out by Goldsland Holdings and Hong Kong Sin Hua Development Co., Ltd.

Vermont was incorporated in Singapore in October 2009, and is owned by Hong Kong based Vermont Groups Limited (VGL) (51%), Mr Poh (24.5%) and Mr Koh (24.5%); VGL is in turn 70% owned by Sin Hua, which is 99.99% owned by Goldsland.

Both Sin Hua and Goldsland are under the management of Guangdong Guangxin Holdings Group Ltd (Guangdong Guangxin), part of the Guangxin group of companies (Guangxin Group) which comprised of state-owned enterprises operated by the Guangdong provincial government.

Related: Singapore: Investigations uncover USD 3.6 million worth of bunker short deliveries by Vermont UM Bunkering
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: Simon Zhu on Unsplash
Published: 26 July, 2022

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Legal

Florida bunker supplier indicted over alleged USD 5 mil SEA Card fuel purchase fraud

Owner of Independent Marine Oil Services, allegedly submitted fake invoices to US Navy ships and other vessels through the SEA Card Program, which allows US vessels to purchase fuel from suppliers at ports.

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June 20, 2025

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The US Department of Justice recently said a federal grand jury in Miami returned an indictment recently charging a Florida business owner with multiple counts of wire fraud, money laundering, and forgery for his alleged role in orchestrating a scheme to defraud the US Department of Defense and other federal agencies. 

He allegedly did so by submitting altered and fake invoices to US Navy ships and other vessels through the SEA Card Program, which allows US vessels to purchase critical fuel from suppliers at ports around the world.

According to court documents filed in the Southern District of Florida, between August 2022 and January 2024, Jasen Butler, 37, of Jupiter, Florida, the owner of Independent Marine Oil Services LLC, submitted dozens of falsified documents to multiple U.S. warships — including the USS Patriot — demanding and receiving over USD 5 million dollars in payments for phony expenses that Butler had not incurred. 

These ships were attempting to purchase fuel in international ports such as Saudi Arabia, Singapore, and Croatia, among others. Butler also concealed his identity from government officials by using a false name and feigning employment by a fictitious fuel division of a different company. As alleged in the indictment, Butler used the millions in fraud proceeds to personally enrich himself and purchase multiple properties, including in Florida and Colorado. 

“This indictment sends a clear, public message: the Antitrust Division and its Procurement Collusion Strike Force under President Trump will not rest until all who defraud the brave men and women of the U.S. military and the American taxpayers receive swift justice,” said Assistant Attorney General Abigail A. Slater of the Justice Department’s Antitrust Division.

“Our office is steadfast in its commitment to prosecute individuals that seek to unjustly profit at the expense of the U.S. military,” said U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida. “Such fraud undermines military readiness and jeopardizes the dedicated service members who selflessly defend our country.”

“Mr. Butler’s alleged involvement in unlawfully submitting fraudulent invoices related to U.S. naval ships receiving fuel during port visits is an affront to the warfighter and taxpayer,” said Special Agent in Charge Greg Gross of the Naval Criminal Investigative Service (NCIS) Economic Crimes Field Office. “NCIS remains committed to thoroughly investigating those who commit fraud impacting the Department of Navy.”

“Those who exploit the Department of Defense for personal gain — by inflating costs, falsifying bids, or manipulating the contracting process — will be relentlessly pursued and held accountable,” said Special Agent in Charge Jason Sargenski of the Department of Defense Office of Inspector General Defense Criminal Investigative Service (DCIS), Southeast Field Office. 

“DCIS and our law enforcement partners remain unwavering in our mission to protect taxpayer dollars and preserve the integrity of DoD contracts that directly support our nation’s warfighters.”

If convicted, Butler faces maximum penalties of 20 years in prison for each count of wire fraud, up to 10 years for each count of forgery, and up to 10 years for each count of money laundering. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors. 

The case was investigated by the Coast Guard Investigative Service, Defense Criminal Investigative Service, and Naval Criminal Investigative Service.

 

Photo credit: Pepi Stojanovski from Unsplash
Published: 20 June, 2025

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Sanctions

UK slaps sanctions on bunker company and Russian shadow fleet of oil tankers

Government has imposed sanctions on 20 oil tankers and Rosneft’s bunker fuel trading subsidiary Rosneft Marine (UK) Limited, in its latest action targeting Russia’s financial, military and energy sectors.
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June 19, 2025

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The UK government on Tuesday (17 June) has imposed sanctions on 20 oil tankers and Rosneft’s bunker fuel trading subsidiary Rosneft Marine (UK) Limited, in its latest action targeting Russia’s financial, military and energy sectors.

The new sanctions crack down further on Russia’s shadow fleet, targeting 20 of oil tankers. The UK is also tightening the net around those who enable Putin’s illicit oil trade, sanctioning Orion Star Group LLC and Valegro LLC-FZ, for their role in crewing and managing shadow fleet vessels. 
The action also targets Russia’s military capabilities, hitting the military agency leading the development of Russia’s underwater intelligence gathering operations (GUGI), protecting the UK from attacks on subsea infrastructure, restricting Putin’s war machine and increasing our security at home. 

“These sanctions strike right at the heart of Putin’s war machine, choking off his ability to continue his barbaric war in Ukraine,” Prime Minister Keir Starmer said.

“We know that our sanctions are hitting hard, so while Putin shows total disregard for peace, we will not hesitate to keep tightening the screws.

“The threat posed by Russia cannot be underestimated, so I’m determined to take every step necessary to protect our national security and keep our country safe and secure.”

According to Rosneft’s website, Rosneft Marine UK, a Rosneft trading division, was established in 2010 to carry out bunker fuel trading for international cargo shipping.

In 2010, an office was opened in London, then in Beijing in 2012.

 

Photo credit: balesstudio on Unsplash
Published: 19 June, 2025

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Winding up

Singapore: Annual general meetings scheduled for Xihe Holdings subsidiaries

Annual general meetings of companies/creditors will be held for Xin Chun Shipping and Xin Dun Shipping on 1 July respectively, according to Government Gazette notices.
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June 18, 2025

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Notices were published on the Government Gazette on Tuesday (17 June) regarding scheduled annual meetings, to be held by electronic means, for two Xihe Holdings subsidiaries Xin Chun Shipping Pte Ltd and Xin Dun Shipping Pte Ltd.

Annual general meetings for Xin Chun Shipping are to be held on 1 July at the following times:

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

Annual general meeting for Xin Dun Shipping are to be held on 1 July at the following times:

For the company: 2pm
For the creditors: 3pm

AGENDA

  • To receive an update on the liquidation.
  • 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

Xihe Holdings Pte Ltd and its subsidiaries are owned by the Lim family, who are also the owners of the embattled Hin Leong Trading.

Related: JMs: First creditors meeting of Xihe Holdings subsidiaries to be held in January 2021

 

Photo credit: Benjamin-Child
Published: 18 June, 2025

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