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that BP has a role in falsifying oil trade deals with Hin Leong and requests that it reimburse $125.7 million that was withdrawn from the bank.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
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