News

Utilities

Nathanielle Punay

, Singapore

Published:

5 years ago

Swiss bank BCP alleges fraud in oil deal between ZenRock and China Aviation

BCP issued a letter of credit to finance its purchase of about 260,000 barrels of gasoil from CAO.

Banque de Commerce et de Placements SA, DIFC Branch, has sued China Aviation Oil (Singapore) over an alleged fraudulent deal as the Swiss bank seeks to reclaim the $25.91m ($19m) it paid to CAO for a cargo, a court document showed.

In a writ of summons filed to the Singapore High Court, BCP said it issued a letter of credit in January on behalf of ZenRock Commodities Trading to finance its purchase of about 260,000 barrels of gasoil from CAO.

CAO is the largest jet fuel trader in Asia and is majority owned by a Chinese state-owned company.

Singapore-based ZenRock had intended to sell the cargo to PetroChina International (East China), BCP said.

ZenRock was placed under interim judicial management (IJM) in May after one of its creditors HSBC alleged that it engaged in a series of “highly dishonest transactions”.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia

Top News

JustCo brings ‘the boring office’ to CBD after SGX listing

The space is designed for start-ups, entrepreneurs, and SMEs.

Commercial Property

3 hours ago

Airwallex raises $320m in Series H funding round

Airwallex plans to expand into new markets and scale its AI teams.

3 hours ago

MAS launches new institute for AI and tokenisation adoption

The Future of Finance Institute will update toolkits.

3 hours ago

MAS and ABS unveil four-point plan to upgrade PayNow

They will improve QR interoperability and expand payment capabilities of PayNow.

3 hours ago

Exclusives

Monday.com picks Singapore for Southeast Asia expansion

Its in-house designers created Singapore-inspired artwork in the company's colors.

2 hours ago

Tsuklio targets dual-income families in Singapore expansion

The Japanese meal subscription platform logged 3,000 pre-registrations before launch.

Food & Beverage

1 day ago

Firms cut senior hiring costs with fractional executives

$Firms cut senior hiring costs with fractional executives$

Firms cut senior hiring costs with fractional executives

Companies report 50% to 70% lower costs than full-time senior hires.

HR & Education

2 days ago

Choosier Asia buyers steer auctions toward rare art

Collectors are bidding harder for works with clear ownership histories.

3 days ago

Event News

Co-Written / Partner Finweek KL 2026: Where European capital meets ASEAN scale

The premier EU–ASEAN institutional fintech summit brings 1,000+ delegates to PARKROYAL Collection Kuala Lumpur on 11 to 13 November 2026 for three days of cross-border deal-making.