The Winson suit comes just weeks after a Singapore court dismissed an application by Unipec Singapore Pte. for an injunction to stop Credit Agricole SA from paying Hin Leong for a diesel shipment. The Chinese oil trader made similar claims of fraud against Hin Leong, which collapsed in April after its legendary founder Lim Oon Kuin admitted the company hid millions in losses and unloaded fuel pledged for loans. Some 23 banks, including OCBC, are owed almost US$4 billion (S$5.60 billion) by the trader.
(June 5): The spectacular collapse of Singapore oil trader Hin Leong Trading (Pte) Ltd. has sparked another legal skirmish between one of its banks and a trading rival.
Winson Oil Trading Pte. Ltd. took Oversea-Chinese Banking Corp. to court, demanding payment for a sale of fuel to the troubled trader that was financed by the bank. The Singapore lender says it doesn’t have to pay Winson because it has “serious doubts” about Hin Leong’s paperwork and cargo backing the finance deal, according to court documents.
