Oil trader Winson demands payment from OCBC for Hin Leong deal
This follows after the court dismissed an application by Unipec Singapore.
The spectacular collapse of Singapore oil trader Hin Leong Trading has sparked another legal skirmish between one of its banks and a trading rival.
Winson Oil Trading took Oversea-Chinese Banking Corp (OCBC) 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.
Winson’s lawsuit comes just weeks after a Singapore court dismissed an application by Unipec Singapore for an injunction to stop Credit Agricole 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 that the company hid millions in losses and unloaded fuel pledged for loans.
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