Business

Singapore: Toyota Tsusho Corporation seeking $21 million from Brightoil

Over a ‘failed’ settlement agreement entered on 31 May leading to the arrest of bunker tankers, according to documents obtained by Manifold Times.

Published

8 years ago

November 27, 2018

Admin

Tokyo-based commodities trading firm Toyota Tsusho Corporation on 21 November, 2018 organised a vessel arrest for Brightoil 319 (IMO 9711860) at the High Court of Singapore as part of efforts to claim USD $21 million against its owner over an alleged ‘failed’ settlement agreement, according to documents obtained by Manifold Times.

The latest action by Toyota Tsusho was the result of a 31 May, 2018 settlement agreement with Brightoil Petroleum (S'pore) Pte Ltd and Brightoil Petroleum (Holdings) Limited; with Chairman Dr Sit Kwong Lam entering into a deed of personal guarantee and indemnity favouring the Japanese firm.

According to the settlement agreement, the payment schedule of the approximate USD $21 million was as follows:

USD $5 million on or before 29 June 2018
USD $10 million on or before 31 July 2018
Payment of the remaining debt on or before 31 August 2018

Brightoil paid the first instalment of USD $5 million on or about June 2018, but did not pay the second instalment of USD$ 10 million on or before the due date of 31 July.

This caused Toyota Tsusho to issue a notice of default to Brightoil on 1 August. Following, Brightoil made a payment of USD $50,000 to Toyota Tsusho on 2 August; but this did not change the legal direction against Brightoil.

Since 2 August to 2 November, Toyota Tsusho has continued to receive payment totalling USD $983,000 from Brightoil in the following amounts:

USD $50,000 on 14 August
USD $50,000 on 21 August
USD $333,000 on 28 August
USD $200,000 on 10 September
USD $50,000 on 18 September
USD $100,000 on 1 October
USD $50,000 on 9 October
USD $50,000 on 15 October
USD $100,000 on 2 November

The above payment performance, which was not in compliance with the settlement agreement, led to Toyota Tsusho entering into a statutory mortgage arrangement with Brightoil and Dr Sit for Brightoil 319 on 4 September.

“Without prejudice negotiations between the Parties relating to settlement of the Outstanding Indebtedness under the Settlement Agreement and the Personal Guarantee have failed,” stated Toyota Tsusho.

This lead to the Japanese firm issuing a notice of default to Brightoil while organising the arrest of Brightoil 319 on 20 November, along with the entire Singapore bunker tanker fleet of Brightoil and the 319,911 dwt crude oil tanker Brightoil Gravity.

Brightoil bunker tankers Brightoil 688, Brightoil 639, Brightoil 666, Brightoil 319, Brightoil 326, and Brightoil 329 were following arrested at Singapore port on 21 November.

Photo credit: Manifold Times
Published: 27 November, 2018

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

12 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

12 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

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

12 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026