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that BP has a role in falsifying oil trade deals with Hin Leong and requests that it reimburse $125.7 million that was withdrawn from the bank.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
Gradually extending infrastructure to include MGO to meet increasing low sulphur demand under IMO 2020.
Greece’s first LNG bunker vessel will be supplied with LNG at Revithoussa LNG terminal and will refuel ships both in Piraeus and other ports in Greece and the wider region.
Aramco Trading Fujairah will handle all Aramco Trading gasoline and fuel oil storage and blending activities.
Platform designed to help industry navigate uncertainties in sourcing fuel and lubricants while reducing time and costs.
Avin International LTD, and Nicos I.V. Special Maritime Enterprises, pleaded guilty on Monday.
Project will adopt a holistic approach to address challenges in adopting ammonia as a bunker fuel and focus on cross-sector collaboration to overcome them, says GMF.
Caroline Yang, President of SSA, addresses issues earlier raised by players; including PMC No. 04, the seven-day restriction, contactless bunkering, sampling point, hose connection, and more.
IBIA Asia, ABIS, sources from Singapore’s bunkering and surveying companies, and an industry veteran share with Manifold Times the issues expected from MPA’s latest Covid-19 measures.
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.
