In a complex legal saga involving the purchase of light naphtha, a letter of credit mishap, and a cargo delivery dispute, the High Court of Singapore explores issues of contractual breach, the lawful holder status of bills of lading, and the application of English and Singapore law.
OCBC sues STI Orchard and Winson Oil over losses in a deal with Hin Leong Trading involving 780,000 barrels of gasoil, leading to fraud-related losses. The transaction aimed at selling 36,000 mt of gasoline to PT Pertamina after blending.
In a crude oil transaction, a bank issuing an LC accused the buyer of fraud, leading to dishonor of the LC; however, the court ruled in favor of the seller...
Two years after news of the Hin Leong Trading debacle surfaced and fraud in the commodity trading sector came to light, repercussions are still being felt.
![Crédit Agricole Corp. & Inv. Bank, Singapore Branch v. PPT Energy Trading Co. [2022]](https://storage.ghost.io/c/6d/b6/6db674cd-2e89-4195-bf79-8273da209ce8/content/images/size/w30/wordpress/2022/03/Credit-agricole-v-PPT-energy-DCW.jpeg)
