Asia/Pacific News
Coastal Oil Singapore Creditors to Receive Dividend
Creditors of defunct bunker supplier Coastal Oil Singapore are set to receive a dividend from the company's liquidators.
Creditors who have notified the firm's liquidators of their claim are set to receive their first interim dividend on or after December 29, according to a notice posted in Singapore's Government Gazette on Monday.
Coastal Oil filed for voluntary liquidation in December 2018, and allegations of debt fraud emerged in January 2019.
In May former chief financial officer Ong Ah Huat was given a prison sentence of nine years after pleading guilty to 15 charges related to using forged documents to access about $320 million in loans.
Eight banks -- China Merchant Bank, Bank of Communications (Hong Kong), BNP Paribas SA (Hong Kong), Cooperative Rabobank (Hong Kong), DBS Bank (Hong Kong), HSBC (Hong Kong), OCBC (Hong Kong) and Standard Chartered Bank (Hong Kong) -- were defrauded between June 2017 and December 2018.
