The suspects, aged between 19 to 62, are the seven crew members from a tugboat named Tanaga Maju and five crew members from another tugboat named TB Nerine.
The Tanaga Maju had sold the MGO to the TB Nerine, with the transaction believed to have taken place last Friday at the sea off Pandan River, local media reported.
Police managed to seize the tugboat TB Nerine and cash amounting to SGD2,760 for investigations.
The 12 men were charged in court on Thursday for abetment in criminal breach of trust, and face imprisonment for up to 15 years and a fine if found guilty.
The price of Singapore MGO was indicated at $486 per metric tonne on Thursday, according to Ship & Bunker data.
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