Legal

Fraud suspected in Coastal Oil Singapore case, says COSCO

‘Sinfeng is of the view that the documents in relation to almost all of the alleged debts are not genuine.’

Published

8 years ago

January 7, 2019

Admin

Hong Kong-listed COSCO SHIPPING International (Hong Kong) Co., Ltd (COSCO), says its indirect wholly-owned bunkering subsidiary Sinfeng Marine Services Pte. Ltd. (Sinfeng) suspects fraud to be involved in the recent liquidation of Coastal Oil Singapore Pte Ltd.

Sinfeng is principally engaged in the supply and trading of marine fuel and related products with business network covering major oil ports such as Singapore and Malaysia.

“Based on a preliminary assessment, the management of Sinfeng is of the view that the documents in relation to almost all of the alleged debts are not genuine,” it stated in a recent filing.

COSCO notes a number of third party commercial banks have alleged to Sinfeng that Coastal Oil Singapore has assigned to the banks receivables due and/or which would fall due from Sinfeng to Coastal Oil Singapore.

Pursuant to the alleged assignment of the alleged debts by Coastal Oil Singapore to the banks, the banks have demanded for repayment of the alleged debts by Sinfeng.

Sinfeng is still in the process of conducting an investigation and seeking professional advice.

For the year ended 31 December 2017 and the six months ended 30 June 2018, the purchase costs from Coastal Oil Singapore by Sinfeng represented approximately 94% and 93% of the total purchase costs of Sinfeng for the same period, respectively.

“The management of Sinfeng has been using its best endeavours to identify alternative suppliers to Coastal Oil Singapore and will conduct a review of the business operations of Sinfeng, taking into account various factors, including but not limited to the profitability of Sinfeng, the portfolio of customers and the developments of the Investigation,” said COSCO.

“The board expects that the revenue of the group will decrease significantly unless and until alternative suppliers to Coastal Oil Singapore are identified.

“However, in light of the insignificant profit contribution of Sinfeng, the board currently does not foresee any material adverse impact on the group as a result of the liquidation of Coastal Oil Singapore.”

Moving forward, COSCO notes additional time is required for completing the investigation due to the “voluminous” amount of information and documents.

Published: 8 January, 2019

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

4 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

4 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

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);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; 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; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

Winding up

Singapore: Liquidator of Nan Shan Maritime Pte Ltd issues notice of dividend

Third interim dividend to admitted unsecured claims of Nan Shan Maritime is payable from 15 July, according to Government Gazette notice.

Published

5 days ago

July 16, 2026

Admin

A notice of dividend for Nan Shan Maritime Pte Ltd, which is currently in creditors’ voluntary liquidation, was published on the Government Gazette on Wednesday (15 July).

The following are the details of the notice:

Name of Company : Nan Shan Maritime (Pte.) Ltd.(In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 201701967H
Address of Registered Office : 10 Anson Road, #10-10, International Plaza, Singapore 079903
Amount per centum : 5.00 Per Centum of all admitted unsecured, claims
First and Final or Otherwise : Third Interim
When Payable : 15 July 2026
Where Payable : Entitlements will be made by way of cheque.

Photo credit: Drew Beamer
Published: 16 July, 2026