Final hours! Save up to 55% OFF InvestingProCLAIM SALE

Former Coastal Oil execs charged in $340 million scheme to cheat banks

Published 06/12/2020, 07:28 AM
Updated 06/12/2020, 07:30 AM
© Reuters.
STAN
-
BNPQY
-

SINGAPORE (Reuters) - Two former employees of Singapore marine fuel firm Coastal Oil were charged on Friday for allegedly being involved in a series of offences to cheat eight banks of more than $340 million.

Singaporeans Ong Ah Huat and Huang Peishi were charged with multiple counts of conspiracy to cheat and forgery in transactions involving HSBC, Standard Chartered (OTC:SCBFF), BNP Paribas (OTC:BNPQY), DBS, OCBC, Bank of Communications, China Merchant Bank and Rabobank, according to court documents seen by Reuters.

Singapore police said in a statement that a former chief finance officer and treasury manager had allegedly created fictitious sales contracts and invoices to obtain financing between July 2017 and December 2018.

The statement did not name the company or the accused but a spokesman said the pair were charged on Friday morning.

Ong and Huang could not be reached for comment. Coastal Oil filed for liquidation in 2018 and could not be reached.

Each offence of cheating or forgery carries a jail term of up to 10 years and a fine, while additional charges brought against the pair of abetting the entering of an arrangement to facilitate the benefits of criminal conduct carries a fine of up to S$500,000, a jail term of up to 10 years, or both.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.