Asia/Pacific News
Bank of China Seeks $125.7 Million from BP Over Hin Leong Gasoil Trades
Bank of China is suing energy producer BP for $125.7 million over allegedly fabricated gasoil trades with Singapore's Hin Leong Trading, according to news agency Bloomberg.
The lender is seeking to recover the money that BP accessed from it to finance sales of gasoil cargoes to Hin Leong earlier this year, Bloomberg reported Monday, citing documents provided by Singapore's Supreme Court.
The lender is also seeking $187.2 million from Hin Leong founder OK Lim and his family, covering the total from the deals with BP and some other overdue payments.
Bank of China said the deals between BP and Hin Leong were part of a "fictitious purchase scheme conspiracy" to maintain the Singapore-based firm's liquidity, Bloomberg cited the lender as saying.
BP strongly refutes the allegations and will defend its position, according to Bloomberg.
