The Bank of China is taking legal action against BP Plc and the Lim family, owners of the collapsed Hin Leong Trading, in an effort to recover a total of $312.9 million from both parties, reports Bloomberg.
According to the court filing, Bank of China alleges that BP has a role in falsifying oil trade deals with Hin Leong and requests that it reimburse $125.7 million that was withdrawn from the bank.
The sum was requested by BP based on sales of gasoil cargoes to Hin Leong which the bank alleges to be part of a “fictitious purchase scheme conspiracy” in order for Hin Leong to maintain liquidity as no real transaction ever took place.
In the filing, BP is also calling for $187.2 million from the Lim family which includes the transaction linked to BP and some overdue payments on other loans and credit facilities.
BP reportedly denies the charges made by the bank and states that it is willing to defend the company’s position in the case.
In November, Lim Ooi Kuin, founder of Hin Leong denied accusations put forward by HSBC bank that he had falsified documents in order to obtain credit from the bank.
Lim claimed that the documents were “mistakenly” issued, and as he was not aware of the process, he would not be liable for HSBC’s losses.
Other Hin Leong related developments can be found in the search result here.
Related: Hin Leong Trading founder denies allegations of forgery put forward by HSBC
Related: HSBC takes Lim family and Hin Leong employee to court to recover USD 85.3 million
Related: Report: Hin Leong Trading founder gave instructions to hide USD 800 million losses
Related: Argus Media: Singapore’s Hin Leong founder charged with forgery
Photo credit: Peter Nguyen
Published: 14 December, 2020
Targeting increase of bunker sales volume to 200,000 mt per month within the span of one year.
A Winding Up Application was filed in November 2020 by the Lim family as contributories of the company, and a hearing has been scheduled for 2 March, 2021.
Subject to merger clearance, the deal is expected to be formally concluded on December 31, 2018.
Development includes price discovery for additional bunker ports across Asia, Europe and the Americas.
Bomin Bunker Oil Corporation submitted its latest defence against WFS subsidiary Trans-Tec on 28 Nov.
Grønborg will optimise Bunker Holding’s market leader position by supporting its continued efforts to consolidate the international bunker industry, it said.
Legal representatives met at the High Court on Tuesday to discuss the discharge of KPMG liquidators from all liability in respect of conduct in the course of winding up, show court documents.
Global sentence adjusts to 80 month’s imprisonment term for both Chang and Koh under application of the Masui sentencing framework; fine of SGD 6.2 million against Chang remains unchanged.
Company has been ranked EIGHTH for 2020; ‘we are humbled and proud to be placed amongst the top ten winners of the Enterprise 50 Awards,’ says Satnam Singh, COO, Sing Fuels.
Mads Bjornebye, Manager of Bunker Services at Teekay Tankers Ltd, shares about the company’s perspective of e-BDNs, bunker purchasing & planning tools, while offering his thoughts on future marine fuels.
Maritime sector may find it increasingly challenging to manage bunker prices, Dennis Ho, Managing Director at ElbOil Singapore tells Singapore bunkering publication Manifold Times.
NBF mulls use of blockchain-based registry of trade finance transactions as secure central database for the banking industry to streamline documentation processes and resolve transparency issues.
