Editor’s note [21 August 2023]: Article edited to reflect use of correct debt currency; SGD 30.4 million changed to USD 30.4 million.
Singapore-based oil trading firm Winson Group is taking legal action against Standard Chartered Bank (Singapore) over an unpaid letter of credit worth USD 30.4 million issued for a diesel cargo it sold to Hin Leong Trading (HLT), reports Reuters.
Available 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 is taking action to seek damages, costs and interest from the bank.
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: Standard Chartered
Published: 18 June, 2020
