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
Some bunker suppliers at various ports have even achieved their sales target for the year; the trend doesn't seem to be slowing down and suppliers are expecting a boom during end of September.
The company has entered a memorandum of agreement with Millenium Satu Ltd to acquire the 7,550 dwt oil tanker to increase service flexibility; vessel will be paid over an installment period of 36 months.
Deloitte & Touche JMs believe IPP has a viable claim against Dr Goh Jin Hian for breaches of his director’s duties to act with skill, care and diligence which he owned to IPP, states court document.
An earlier MPA notice outlined precautionary measures for personnel to observe when conducting marine refuelling operations at port in order to minimise the risk of contracting Covid-19.
Mok’s offence affected public confidence in the use of the MFM system onboard Singapore bunker tankers, and caused an embarrassment to the MPA, said Deputy Public Prosecutors.
‘The total amount of gratification involved is the highest ever in a local corruption case and there was a sustained period of offending,’ said CPIB DPP at the State Courts of Singapore.