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Singapore authorities charge Vermont Bunkering and staff over fraudulent transactions

Singapore authorities charge Vermont Bunkering and staff over fraudulent transactions

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Singapore-based bunkering firm Vermont Bunkering, along with two of its directors, Poh Fu Tek and Koh Seng Lee, and former bunker manager Lee Kok Leong, will each be charged in court for cheating and criminal breach of trust offences under the Penal Code.

According to Singapore’s Corrupt Practices Investigation Bureau (CPIB), Vermont Bunkering had dishonestly induced its customers to make excess payments totaling over $8m through alleged fraudulent transactions.

The Penal Code offenses include 150 counts of engaging in a conspiracy to cheat customers by delivering invoices indicating a higher quantity of marine fuel had been delivered when in fact a lower quantity was delivered and one count of engaging in a conspiracy to commit criminal breach of trust by dishonestly misappropriating approximately 250 metric tons of marine fuel oil entrusted to Vermont Bunkering.

In addition, Vermont Bunkering and Poh Fu Tek will each be charged with 18 counts of abetment by engaging in a conspiracy to disguise property representing benefits from criminal conduct.

In April 2016, Singapore’s Maritime and Port Authority revoked the bunker supplier and craft operator licenses of Vermont Bunkering for trading irregularities.

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Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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