Advising and acting for financial institutions in connection with the collapse of a Singapore based bunker trader / supplier (Coastal Oil Singapore Pte Ltd) and its related companies with indebtedness in excess of US$354 million. Coastal Oil Singapore, the first tier subsidiary of parent Coastal Holdings and a business operations centre responsible for international cargo trading, global oil product supplying and blending, as well as logistic management being placed under liquidation on 13 December 2018 amidst allegations of fraudulent activities and an outstanding debt of US$354 million, US$29.9 million which is owed to DBS, US$122.7 million to OCBC and US$19.5 million to UOB.
Three vessels were arrested in Singapore belonging to the Coastal subsidiaries – the MV Babylon, MV Atalanta and MV Coastal Neptune.
We have also since been instructed to act for the Liquidators of Coastal Oil Singapore and are advising on debt recovery.
Partners Toh Kian Sing, SC and Winston Kwek from the Shipping Practice, Sim Kwan Kiat, Chua Beng Chye and Raelene Pereira from the Restructuring & Insolvency Practice and Timothy Ang from the Dispute Resolution Practice are leading the case.
