Shell heist: Second mastermind gets more than 25 years' jail for siphoning $100m of fuel
The authorities have seized nearly $7.7 million in assets from him, including $4.7 million in cash from a safe that was moved around various locations.
SINGAPORE – One of the two masterminds of a long-running scheme to misappropriate marine gas oil out of Shell's Pulau Bukom facility was sentenced to a jail term of 25 years and two months on July 7.
Abdul Latif Ibrahim, 67, admitted he led a group of rogue employees that siphoned $100 million worth of fuel between August 2014 and January 2018, which was then sold to local and foreign vessels.
Latif, whose salary was $3,700, received at least $7 million in illicit gains, which he spent on luxury watches, expensive cars and property.
The authorities have seized nearly $7.7 million in assets from him, including $4.7 million in cash from a safe that was moved around various locations.
He pleaded guilty to 20 charges of criminal breach of trust and 10 charges of money laundering. Another 34 charges were considered by the High Court during sentencing.
The other mastermind, Juandi Pungot, who was then 45 years old,
was sentenced to 29 years' jail in 2022 for his role in the largest marine fuel heist in Singapore's history.
Juandi had pleaded guilty to 20 charges of criminal breach of trust, 10 money laundering charges and six corruption charges.
Top stories
Swipe. Select. Stay informed.
Singapore Eligible S'poreans to get up to $850 in GSTV cash, up to $450 in MediSave top-ups in August
Singapore Four golf courses to close by 2035, leaving Singapore with 12 courses
Singapore Fewer marriages in Singapore in 2024; greater marital stability for recent unions
Singapore Construction starts on Cross Island Line Phase 2; 6 MRT stations in S'pore's west ready by 2032
Asia 72-year-old man on diving trip to Pulau Tioman in Malaysia found dead on the beach
Singapore Jail for ex-auxiliary police officer who loaded one bullet and accidentally discharged revolver
Singapore $1.46b nickel scam: Ng Yu Zhi opts to remain silent after judge calls for his defence
Latif and Juandi both admitted that they began misappropriating fuel in 2007, when they were working in the same team.
The stolen oil was loaded onto a bunker ship, in deals brokered through a middleman.
The two men went on to expand the criminal enterprise by recruiting other members for their team.
In early 2013, Latif left the team after a falling-out with the other syndicate members.
That year, Latif accepted Shell's offer of re-employment, and was transferred to another team.
Latif then started a new syndicate by recruiting Richard Goh Chee Keong, who planned the illegal loadings with him.
Goh then recruited Ng Chee Seng. Ng later decided to stop the criminal activities, and was replaced in May 2015 by Mohd Ibrahim K. Abdul Majid.
Latif continued his illegal operations, separate from Juandi, until their arrests in 2018.
Each illegal loading began with the brokering of a deal to sell misappropriated fuel.
The vessels that received the stolen oil included those owned by Singaporean companies Sentek Marine & Trading and Sirius Marine, and Vietnamese entity Prime Shipping Corporation.
Using various methods to evade detection, the rogue employees worked together to route the gas oil from tanks onto the vessels.
They carefully planned routes in the pipelines to bypass meters, and activated pumps at the same time to mask the theft.
Where the meters could not be avoided, they temporarily tampered with them so that the illegal outflow would not be recorded.
Team members not involved in the illicit activities were encouraged to take longer breaks, and bribes were paid to bunker surveyors to not accurately report the amount of cargo loaded onto the vessels.
In early 2015, Shell began observing significant unidentified oil loss at Pulau Bukom.
After investigations, the company made a police report on Aug 1, 2017.
Between 2014 and 2018, Juandi's syndicate siphoned 203,403 tonnes of gas oil worth nearly $128 million.
Latif's group misappropriated 153,996 tonnes of gas oil, valued at about $100 million.
He spent his ill-gotten gains on a condominium unit in Braddell Road and two properties in Indonesia.
Latif bought at least three cars: a Mercedes-Benz E63 AMG S sedan, a Mercedes-Benz AMG E43M and a BMW 435I Gran Coupe M Sport.
He also invested money in a few businesses and funded the education for his two nephews in Australia.
Deputy Public Prosecutor Ben Tan proposed a sentence of 25 to 27 years' jail for Latif, arguing that his culpability was similar to that of Juandi.
Latif's lawyer, Mr Justin Ng, sought 22 years' jail, arguing that the scale of the scheme carried out by his client was significantly smaller than that carried out by Juandi.
The lawyer added that his client will be consenting to the forfeiture of his seized properties to the state.
Latif was allowed to defer the start of his sentence to Sept 30.
Goh's and Ibrahim's cases are pending.
The other rogue employees have been sentenced to jail terms ranging from one year and four months to 26½ years.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
28 minutes ago
- Business Times
Europe: Shares rise on tech, banks boost with focus on US trade negotiations
EUROPEAN shares ended higher on Monday, driven by gains in technology and bank stocks at the start of a week where investors are on the lookout for any trade-related headlines in the countdown to US President Donald Trump's tariff deadline. The pan-European Stoxx 600 index ended 0.44 per cent higher at 543.50, gaining some ground after clocking a weekly loss on Friday. Most regional indexes rose, with Germany's DAX up 1.2 per cent, France's CAC 40 adding 0.4 per cent and Spain's IBEX gaining 0.7 per cent. UK's FTSE 100 lagged as shares of Shell dropped 2.9 per cent after the energy major said it expects quarterly earnings to be hit by weaker trading in its integrated gas division and losses at its chemicals and products operations. Global risk sentiment remained shaky as US Treasury Secretary Scott Bessent said the United States will make several trade announcements in the next 48 hours. The European Union still aims to reach a trade deal by July 9 after Commission President Ursula von der Leyen and Trump had a 'good exchange', a Commission spokesperson said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'Trade deals have taken years to agree ... it will be surprising if they get proper long-lasting deals signed very quickly,' Andrew Lapping, chief investment officer at Ranmore Fund Management, said. Trump said on Sunday the US was close to finalising several trade pacts and would notify other countries by July 9 of higher tariff rates. He said they would not take effect until August 1, a three-week reprieve. On Monday, technology stocks were among the biggest boost on the Stoxx, with Germany's SAP and Dutch semiconductor equipment makers ASML climbing around 2 per cent each. A gauge of euro zone lenders gained 1.6 per cent, with France's Societe Generale jumping 2.8 per cent, hitting its highest level since 2017 earlier in the day. Capgemini fell 5.6 per cent after the French IT services firm agreed to buy technology outsourcing company WNS for a cash payment of US$3.3 billion. European shares had a strong start to the year, with the Stoxx 600 hitting an all-time high back in March as a jump in defence companies, along with a global move away from US assets, lifted appetite. But the benchmark has fallen more than 3 per cent from those levels, while a tech boost in the United States helped the S&P 500 claw back its losses. On the data front, a survey showed investor sentiment in the euro zone improved more than expected in July to hit its highest level in more than three years. Later this week, June inflation readings out of Germany and France, and a GDP reading in the UK will be on the radar. Minutes from the US Federal Reserve's last policy meeting are also due on Wednesday. REUTERS
Business Times
28 minutes ago
- Business Times
ExxonMobil sees US$1.5 billion earnings hit from lower oil, gas prices
[HOUSTON] ExxonMobil expects lower oil and gas prices to reduce the company's earnings by about US$1.5 billion as a volatile quarter for commodity prices weighs on second-quarter profits. Oil prices pulled down earnings by about US$1 billion while gas contributed another US$500 million hit when compared to the first quarter, the Spring, Texas-based company said on Monday (Jul 7). European rival Shell's shares fell 3.3 per cent on Monday after guiding to 'significantly lower' trading earnings than the previous quarter. The two oil giants' outlook points to a downbeat quarter for the industry, which was already struggling to generate enough free cash to cover the dividends and share buybacks companies hiked after record earnings in 2022. US President Donald Trump's trade war and larger-than-expected supply increases from Opec and its allies weighed on oil prices, while US and Israeli attacks on Iran only provided a temporary uplift. ExxonMobil expects some respite from refining margins, which will add about US$300 million to earnings, the company said. The guidance only refers to market pricing and does not factor in operational performance such as changes to production or costs, the company said. ExxonMobil's guidance is 'bang in line' with analysts' estimates for the second quarter, RBC Capital Markets analyst Biraj Borkhataria said in a research note. ExxonMobil 'has a much smaller trading organisation than its European peer Shell, and thus was not impacted by the same issues'. BLOOMBERG

Straits Times
an hour ago
- Straits Times
Brics tariff to be applied only if they adopt policies deemed ‘anti-American', source says
Sign up now: Get ST's newsletters delivered to your inbox Leaders of the BRICS group pose for the family photo during the BRICS Summit in Rio de Janeiro, Brazil July 7, 2025. REUTERS/Pilar Olivares WASHINGTON - The Trump administration will not immediately impose a new 10% tariff against members of the developing nation BRICS bloc, but will proceed if countries take so-called "anti-American" policy actions, according to a source familiar with the matter. President Donald Trump said on Sunday that the United States will impose an additional 10% tariff on any countries aligning themselves with so-called "anti-American policies" of the BRICS group of developing nations, triggering sharp denials from its members that they were oriented against the United States. "A line is being drawn. If policy decisions are made that are anti-American, then the tariff will be charged," said the source, who requested anonymity because they are not authorized to speak on the matter. No executive order has been released by the White House. Trump's announcement, made on his Truth Social media platform, came as India, Indonesia and other countries within the BRICS group were negotiating last-minute trade deals with the U.S. government ahead of a July 9 deadline when tariff rates had been scheduled to go up. The effective date for those tariffs has now been postponed until August 1. Trade experts said the new tariff threat was aimed at maintaining and increasing pressure on countries seeking to avoid high tariffs proposed by Trump in April. Many BRICS members and partner countries are highly dependent on trade with the United States. Trump's posting came hours after BRICS leaders issued a 31-page statement in which they condemned attacks on Gaza and Iran, called for reforms to global institutions and warned that unilateral tariffs threatened global trade. Top stories Swipe. Select. Stay informed. Singapore Eligible S'poreans to get up to $850 in GSTV cash, up to $450 in MediSave top-ups in August Singapore Four golf courses to close by 2035, leaving Singapore with 12 courses Singapore Singapore's second mufti Sheikh Syed Isa Semait dies at age 87 Singapore Fewer marriages in Singapore in 2024; greater marital stability for recent unions Singapore Competition watchdog gives SIA, Malaysia Airlines conditional approval to continue cooperation Singapore About 20 delivery riders meet Pritam Singh to discuss platform worker issues Business OCBC sets loan target of $5b and covers more territories in boost for serial entrepreneurs Singapore Reform Party to leave opposition group People's Alliance for Reform; two parties remain The first BRICS summit in 2009 was attended by leaders from Brazil, China, India and Russia, with South Africa joining later. Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates were included last year, and Saudi Arabia, while accepted as a member, is participating as a partner country. Other partner countries include Bolivia, Nigeria, Cuba, Kazakhstan, Malaysia, Thailand, Vietnam and Uganda. Trump has close ties to leaders of some of those countries, such as Saudi Arabia and UAE, and has been touting the prospect of a trade deal with India for weeks. His administration concluded a framework trade deal with Vietnam last week, and has been in talks about a similar agreement with Thailand. In the BRICS leaders Sunday statement, they condemned attacks on Gaza and Iran by Israel, a U.S. ally, and called for reforms to global institutions, warning that the rise in "unilateral tariff and non-tariff measures" threatened global trade. It was not immediately clear if Trump's latest tariff threat would derail trade talks underway with India, Indonesia and other BRICS nations. South Africa insisted it was not "anti-American" and said its talks with the U.S. government remained constructive. Indonesia, keen to avert a threatened 32% tariff rate, is due to sign a $34 billion pact with U.S. partners this week and has offered to cut duties on key imports from the United States to "near zero" and to buy $500 million worth of U.S. wheat. REUTERS