Singapore-based oil trading firm Winson Group has apparently won the backing of the International Chamber of Commerce (ICC) against Standard Chartered Bank (Singapore) and Oversea-Chinese Banking Corp (OCBC) over Hin Leong Trading (HLT) related disputes, reports Reuters.
The company’s claims at the ICC were allegedly under its Documentary Instruments Dispute Resolution Expertise (DOCDEX), a dispute resolution procedure specifically designed for trade finance.
Favourable DOCDEX decisions are non-binding unless parties, in this case – OCBC and Standard Chartered Bank have all agreed.
Nevertheless, Winson Group purportedly believes this will bolster its claims in court against the two banks.
Winson Group took legal action in June against Standard Chartered Bank over an unpaid letter of credit worth SGD 30.4 million issued for a diesel cargo it sold to HLT.
Court documents purportedly showed that Winson Group obtained a letter of credit from Standard Chartered in early April when it sold a cargo of ultra-low sulphur diesel to HLT.
Subsequently, when the letter of credit was due in May, the bank did not honour the payments and therefore Winson Group took action to seek damages, costs and interest from the bank.
Similarly, the company is taking action against OCBC bank for refusing to honour a letter of credit worth SGD 30.4 million (USD 21.5 million) issued to Winson Group over a diesel trade with financially troubled Hin Leong Trading.
Related: Winson Group seeks SGD 30.4 million from Standard Chartered over HLT related trade
Related: Winson Group seeks SGD 30.4 million from OCBC over credit pull in Hin Leong trade
Related: Winson Group and ZenRock Commodities reassure fiscal stability despite Hin Leong fiasco
Photo credit: aditya-chinchure
Published: 16 September, 2020
‘We need to keep in mind the saying “penny wise pound foolish”,’ says Captain Rahul Choudhuri, the Managing Director AMEA at VPS, who stresses on the essential role of the Bunker Surveyor.
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.