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

Angela Tan

Published Tue, Jan 8, 2019 · 09:50 PM

Singapore

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).

Coastal Oil Singapore had filed for liquidation as part of a creditors' voluntary winding up scheme on Dec 13, 2018. The company's website, which is "currently not available", said previously that it was the first-tier subsidiary of Coastal Holdings, a maker of refined petroleum products incorporated in Hong Kong in 1990.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes