Cosco Shipping International has warned of a significant decrease in revenue amid an alleged fraud involving debts owed by its indirect wholly-owned subsidiary to embattled bunker supplier Coastal Oil Singapore.
China’s Central Commission for Discipline Inspection (CCDI) has opened an investigation on former general manager of China Shipbuilding Industry Corp (CSIC) Sun Bo over his involvement in a host of illegal activities, and expelled him from the Communist Party.
A shipping company has failed in an attempt to recover $1.8m from Standard Chartered Bank that was paid fraudulently after an unknown third party accessed the client’s email account in an apparent "whaling" scam.
The former boss of defunct OW Bunker’s Singapore subsidiary has been charged by Denmark’s state prosecutor for fraudery, while the Danish management of the marine fuel supplier has been cleared of any criminal charges, reports said.
Four employees at bankrupt Nantong Mingde Heavy Industry have been charged for falsifying accounts to keep an export tax rebate granted to a shipbuilding contract that was cancelled, according to China’s State Administration of Taxation.
Three former ST Marine senior executives charged with corruption in Singapore courts in 2014 and 2015 are now facing 1,744 additional charges relating SGD6.5m ($4.53m) in fraudulent expenses claims.
Events at troubled Chinese shipbuilder JES International have taken another bizarre twist with former ceo Jin Xin claiming he did not resign as a director of the company in May.