Home News Oil & Gas

Bank of China sues Hin Leong's Lim family, BP for US$313 mil on oil deals

Bloomberg
Bloomberg12/14/2020 04:37 PM GMT+08  • 4 min read
Bank of China sues Hin Leong's Lim family, BP for US$313 mil on oil deals
The Chinese bank requested that BP repay US$125.7 million($168.0 million) that it withdrew from the lender earlier this year.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Bank of China has sued BP Plc in Singapore over its alleged role in fabricating oil deals with collapsed trader Hin Leong, in the latest effort by a creditor to recover losses after one of the biggest trading scandals in decades.

The Chinese bank requested that BP repay US$125.7 million($168.0 million) that it withdrew from the lender earlier this year based on sales of gasoil cargoes to Hin Leong, according to documents provided by the Supreme Court of Singapore. The deals were part of “fictitious purchase scheme conspiracy” to maintain Hin Leong’s liquidity since no real transactions took place, the bank said.

The lender also demanded US$187.2 million from Hin Leong Trading Pte’s founder, Lim Oon Kuin, and his two children, the documents showed. The total sum includes the deals linked to BP and some other overdue payments on short-term loans, or letters of credit.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.
Unlock unlimited access to premium articles with less than $9 per month. Subscribe Now