Singapore-based oil trading firm Winson Group is reportedly taking legal action against the republic’s third largest bank Oversea-Chinese Banking Corp (OCBC) for refusing to honour a letter of credit issued to Winson Group over a diesel trade with financially troubled Hin Leong Trading.
Winson stated in a 1 June statement filed to the High Court of Singapore that OCBC failed to pay SGD 30.4 million (USD 21.5 million) from a letter of credit it issued to finance a diesel trade for Hin Leong, reported Bloomberg.
The letter of credit was purportedly issued on 6 April followed by a notice from OCBC to Winson on 23 April that it would not be honouring the payments due to doubts over Hin Leong’s financial status.
In the court filing, Winson stated OCBC allegedly missed the deadline on 18 May and the letter of credit expired on 2 June causing much damage to itself.
The case has been scheduled for a pre-trial conference on July 8.
Photo credit: Aditya Chinchure
Published: 5 June, 2020
Event welcomed over 1,100 attendees from 42 countries; delegates visited virtual booths about 4,800 times; while around 5,800 connections were made, according to data from organiser Informa.
Bunker suppliers and bunker craft operators may choose to carry out meter verification using either existing MIMO method OR with the use of a Master Meter.
Pai Kheng Pheng of Sentek Marine & Trading Pte Ltd on Thursday (8 October) was ordered remanded for a further week for investigations, AGC spokesperson informs Manifold Times.
INTERTANKO, BIMCO, SSA, IBIA Asia share what the technology brings to the waterfront, while operator Metcore International and manufacturer Endress+Hauser explain its benefits to the bunkering industry.
‘We still see circumstances where a product is ‘off-spec’ and the holder of the fuel is then trying to move it back ‘on-spec’ through the use of appropriate additive technology,’ says spokesman.
Captain Rahul Choudhuri, Managing Director AMEA at VPS, suggests a ban on the obsolete marine fuel quality standards of ISO 8217:2005 and 2012 which no longer apply to the shipping sector.