Asia/Pacific News
Former Coastal Oil Executives Charged With $340 Million Cheating Offences in Singapore: Reuters
The former treasury manager and chief financial officer of collapsed Singapore bunker supplier Coastal Oil have been arrested and charged with more than $340 million of cheating offences, according to news agency Reuters.
Last week the Singapore police reported that an unnamed 34-year-old woman and 60-year-old man had been arrested for the offences and would be charged with cheating banks out of more than $340 million using 'fictitious sales contracts and invoices'.
On Friday Reuters named the individuals as Ong Ah Huat and Huang Peishi, formerly of Coastal Oil, citing court documents.
Coastal Oil filed for voluntary liquidation in December 2018, and allegations of debt fraud emerged in January 2019.
In a filing made to the Hong Kong Exchange that month, Cosco Shipping International (Hong Kong) Co., Ltd said that Coastal Oil was a major supplier of its indirect wholly-owned subsidiary Sinfeng Marine Services Pte. Ltd., which in turn is a supplier and trader of marine fuel and related products.
In 2017 and H1 2018 over 90% of Sinfeng's bunker spend was with Coastal Oil, it said.
The bunker tankers Babylon and Atalanta, registered to affiliated company Coastal Logistics, were arrested and subsequently sold at auction last year.
