A total of six suspects, including a Datuk Seri and three Datuks, working at Kuala Lumpur-based investment firm Royal Gold have been arrested at Penang and Kuala Lumpur, Malaysia in late January.
The group were allegedly behind a scam involving gold bar and bunker trading activity, said Bukit Aman Commercial Crime Investigation Department director Datuk Seri Amar Singh Ishar Singh.
“The suspects consist of the company directors and organisers of the scheme whereby the syndicate conducted its operations by offering two major investments, namely gold bars and oil trading with lucrative returns for a period of nine months,” he said during a press conference, as quoted by Malaysia state newspaper Bernama.
“For the gold bars investment scheme, investors were promised a return of 2% per month while for the oil bunkering scheme, they were promised a return of 15% every month, also for a period of nine months.”
To date, 193 complaints with a total contract value of RM 27.5 million ($7 million) have been made against Royal Gold since October 2017, reports The Star.
It estimated total losses to be RM 200 million when considering the remaining unregistered complaints.
A member of Malaysia’s royal family, though not arrested, was among suspects in the scam, notes the report; it added official Royal Gold documents had the individual’s royal seal.
“We are trying to verify if he is part of the group, or just used to woo investors,” said Datuk Seri Singh.
Police confiscated eight luxury vehicles, eight mobile phones, three ATM cards, four gold wafers, three branded watches, five cheque books and RM200,000 in cash in the January raid.
Investigations continue.
Photo credit: The Star
Published: 5 February, 2018
2nd Reconnaissance Group inspected the wooden hulled ship “KG 95945 TS” on 14 July and found no supporting documents proving the origin of the oil.
A Kirby towboat discharged approximately 4,000 barrels of oil from one of its barges into the Houston Ship Channel at the Texas City “Y” crossing in March 2014.
An indicative example of a licence for bunker fuel oil supply has been approved by the 76th session of the IMO’s Marine Environment Protection Committee.
Mok’s offence affected public confidence in the use of the MFM system onboard Singapore bunker tankers, and caused an embarrassment to the MPA, said Deputy Public Prosecutors.
Meeting will be held at One Raffles Quay North Tower 18th Floor Singapore 048583 on 26 September 2022 at 10.00 am, according to Government Gazette notice.
Campbell Johnston Clark explains to Manifold Times what ship owners and charterers should be aware of when facing a legal suit against contaminated marine fuel.
‘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.
Headway will launch a new fuel supply system suitable for alternative bunker fuels such as hydrogen and ammonia; to focus on procurement and construction of carbon capture systems in 2023 following R&D.
Competition for FAME from aviation and road transportation sectors have resulted in some shipowners resorting to adopt more readily available CNSL blends as biofuel for vessels, explains Steve Bee.
