Legal

Singapore: Sinfeng Marine wins appeal to withhold additional documents from Coastal Oil liquidators

Section 285 is not designed for liquidators to investigate causes of action that the creditors or members may wish to take up personally, states Judges at Court of Appeal.

Published

6 years ago

October 14, 2020

Admin

The Court of Appeal in the High Court of the Republic of Singapore on Friday (9 October) granted an appeal from Sinfeng Marine Pte Ltd, Cosco Petroleum Pte Ltd, and Costank (S) Pte Ltd. to withhold further information regarding dealings with defunct Singapore-based bunkering firm Coastal Oil Pte Ltd from liquidators, according to a court decision seen by Singapore bunkering publication Manifold Times.

Coastal Oil owed USD 357 million to 79 companies, of which USD 354 million is owed to major banks; the company’s Director Tan Sin Hwa has remained uncontactable since a December 2018 confession to its legal adviser over the preparation of fraudulent documents in order to obtain bank financing.

Sinfeng, Cosco Petroleum, and Costank (the appellants) were contesting a decision made by a High Court Judge on 12 July 2019 for the Production Order of records and documents in relation to their trading relationship, transactions and payment invoices with Coastal Oil between 2016 to 2018.

The appellants refused the requests made by the current joint and several liquidators of Coastal Oil (the respondents) generally on the basis that the documents sought were not necessary or reasonable; in addition, Sinfeng had already shared certain documents with the respondents at an earlier date.

However, the respondents this time were seeking for Production Orders of further material under Section 285 of the Companies Act in order to pursue investigations over suspicion of alleged fraud regarding tripartite trading loops involving Sinfeng, Cosco Petroleum and Costank.

The trading loops included Coastal Oil’s main suppliers of bunkers, namely Arkananta Yasa Pte Ltd (Yasa) and Mewah Logistics Pte Ltd (Mewah).

“In those tripartite trading loops, the same goods were sold by the appellants to Yasa/Mewah, then to the Company [Coastal Oil], and then back to the appellants,” stated the court document.

Judges at the Court of Appeal did not recommend the use of Section 285 of the Companies Act as a means to obtain further information from the appellants for other types of investigations.

“Section 285 is designed, among other reasons, to assist liquidators in pursuing wrongdoers on behalf of the Company,” they said.

“It is not designed for liquidators to investigate causes of action that the creditors or members may wish to take up personally.”

They further believed, amongst other reasons, that the current joint and several liquidators of Coastal Oil already had enough information on hand.

“The respondents had explained that they required documents from 1 July 2012 as Mr Tan had admitted to fraudulently preparing documents since 2013, and the Company’s financial year ending 2013 includes part of 2012,” they said.

“But this was information that the respondents had already been privy to (the Admission and the Announcement) when they requested two years’ worth of documents in February 2019, and this argument therefore did not explain why, within a short span of two months, the respondents required an additional four to five years’ worth of documents.

“This, in our view, suggests that the scope of the Production Orders, in so far as it covered six to seven years’ worth of documents may have been oppressive.

“For these reasons, even if the court had the power to grant the Production Orders, we would have been inclined to set it aside.”

In conclusion, the Court of Appeal Judges were in favour of the appellants’ case and ordered Production Orders of further documents from Sinfeng to be set aside.

“The respondents are to abide by their undertaking to return all the documents and information produced by reason of the Production Orders,” they stated.

“In respect of any documents that had been voluntarily provided, the respondents ought to be able to retain and make use of them.”

The current joint and several liquidators of Coastal Oil are ordered to pay Sinfeng and Cosco the total sum of $40,000 for costs and disbursements; and pay Costank $30,000 for costs and disbursements.

Manifold Times earlier reported China Merchants Bank Co., Ltd suspecting fraud between Sinfeng and Coastal.

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:

Photo credit: Manifold Times
Published: 14 October, 2020

Winding up

Singapore: Final general meetings scheduled for Dromond Shipping, related firms

A member is entitled to attend the meetings and should notify the liquidators’ team office via email no later than 48 hours prior to the meeting.

Published

2 hours ago

September 21, 2026

Admin

The final general meetings of Dromond Shipping Pte Ltd and related companies have been scheduled to take place on 19 October, according to the company’s liquidator on a notice posted on Friday (18 September) on the Government Gazette.

The other companies are Tidewater Emergency Response Services Pte Ltd, Tidewater Production Solutions Pte Ltd and Tidewater Salvage Pte Ltd.

The final general meetings of the members of the companies will be held via electronic means on 19 October 2026 at 2.00 pm, 2.30 pm, 3.00 pm and 3.30 pm (Singapore time), respectively.

The meetings are being held for the purpose of having accounts laid before the members showing the manner in which the winding up of the respective companies has been conducted and how the property of the respective companies has been disposed of and to hear any explanation that may be given by the liquidators.

The details of the liquidator is as follows:

Tan Kim Han
Joint and Several Liquidators
137 Amoy Street, #02-03, Far East Square
Singapore 049965

Note: A member is entitled to attend the above meeting and should notify the Liquidators’ team office via email to [email protected] or [email protected] no later than 48 hours prior to the meeting.

Photo credit: steve pb from Pixabay
Published: 21 September, 2026

Winding up

Singapore: Liquidator of Da Xin Tankers, Nan Chiau Maritime issues notices of dividend

Da Xin Tankers’s second interim dividend and Nan Chiau Maritime’s third interim dividend are payable from 17 September, according to Government Gazette notices.

Published

3 days ago

September 18, 2026

Admin

Notices of dividend for Da Xin Tankers Pte Ltd and Nan Chiau Maritime Pte Ltd, which are currently in creditors’ voluntary liquidation, were published on the Government Gazette on Thursday (17 September).

The following are the details of the notice for Da Xin Tankers:

Name of Company : Da Xin Tankers (Pte) Ltd (In Creditor’s Voluntary Liquidation)
Unique Entity No. / Registration No. : 198400895W
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Amount per centum (US$) : 5.00 cents to a dollar of admitted unsecured claims
First and Final or otherwise : Second Interim Dividend
When payable : 17 September 2026
Where payable : Entitlements will be made either by way of telegraphic transfer or by cheque, to be collected from the Company’s registered address as above

The following are the details of the notice for Nan Chiau Maritime:

Name of Company : Nan Chiau Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No.: 200814296Z
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Amount per centum (US$) : 7.00 cents to a dollar of admitted unsecured claims
First and Final or otherwise : Third Interim Dividend
When payable : 17 September 2026
Where payable : Entitlements will be made either by way of telegraphic transfer or by cheque, to be collected from the Company’s registered address as above.

Photo credit: Benjamin Child
Published: 18 September, 2026

Winding up

Singapore: Marine fuel testing firm CCIC Singapore faces winding up application

Application for the winding up of CCIC Singapore Pte Ltd was filed by Hong Kong-registered CCIC International Holding Limited on 7 September, according to Government Gazette notice.

Published

6 days ago

September 15, 2026

Admin

An application for the winding up of marine fuel testing and surveying firm CCIC Singapore Pte Ltd (CCIC Singapore) was filed by Hong Kong-registered CCIC International Holding Limited on 7 September, according to a Monday (14 September) notice on the Government Gazette.

It noted the winding up application is directed to be heard before the Judge sitting in the General Division of the High Court at 10am on 2 October.

Manifold Times previously reported US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned nearly two dozen firms operating in multiple jurisdictions, including CCIC Singapore.

OFAC alleged that Sepehr Energy “consistently relied” on CCIC Singapore to accomplish not only the necessary pre-delivery cargo inspections required before oil is transferred to China, but also to conceal the oil’s Iranian origins.

In late 2024, CCIC Singapore provided inspection services during a ship-to-ship transfer of approximately two million barrels of Iranian oil from the sanctioned vessel and Sepehr Energy-affiliated SIRI (IMO 9281683), formerly known as the ANTHEA.

In June 2025, CNA reported that the company laid off hundreds of workers after it was hit with the sanctions. Later, the CCIC Singapore told CNA that the layoffs were due to the impact of the sanctions which was greater than expected, and that it has ceased operations in Singapore.

According to the Government Gazette notice, any creditor or contributory of the company 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 the company requiring the copy of the winding up application by the solicitors of the applicant’s, Oon & Bazul LLC, on payment of the regulated charge for the same.

The Applicant’s address is 29/F, East Tower, Shun Tak Centre, 168-200 Connaught, Rd Central, Hong Kong, China.

The Applicant’s solicitors are TKQP Law LLP of 1 Wallich Street, #07-02 Guoco Tower, Singapore 078881.

Note: Any person who intends to appear at the hearing of the winding up application must send notice of such intention to the abovenamed TKQP Law LLP, the Claimant’s solicitors, within the time and in the manner set out in rule 70 of the Insolvency, Restructuring and Dissolution (Corporate Insolvency and Restructuring) Rules 2020. The notice must be in Form CIR-15 and 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 and, if sent by post, must be posted in such time as in the ordinary course of post to reach the address of the Claimant’s abovenamed solicitors, at least 3 clear working days before 2 October 2026 (the day appointed for the hearing of the application).

Photo credit: Manifold Times
Published: 15 September, 2026