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Coastal Oil troubles hit Singapore banks, others with US$350m exposure

OCBC HK reportedly owed US$122.7m, DBS HK US$29.9m, UOB HK US$19.5m; Cosco Shipping (HK) affected by 'false' debt claims

A view of Singapore's port operations at Tanjong Pagar. Coastal Oil Singapore is scheduled to hold a creditors' meeting on Jan 10 in the city-state to determine a change of liquidators, among other business. AAG Corporate Advisory was the provisional liquidator.


TROUBLE at Coastal Oil Singapore, a crude oil products supplier which has filed for liquidation, has hit at least 10 banks, including all three Singapore banks which are owed about half of the total debt of US$354 million, as well as Cosco Shipping International (Hong Kong)....

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