Singapore, Singapore Mar 29, 2022 (Issuewire.com) - Winson Oil Comes Out Triumphant In The International Chamber of Commerce (ICC) s
On September 16, 2020, local oil trader Winson Oil won in the International Chamber of Commerce (ICC). Winson Oil received a favorable response from the ICC against two banks, Standard Chartered and Oversea-Chinese Banking Corp (OCBC) in a case involving a dispute with Hin Leong Trading.
Earlier that year, in June 2020, Winson Oil pursued legal action against Standard Chartered and OCBC for the failure to pay a sum that was owed. The nonpayment amounted to $30.4 million per bank entity. The amount was for two diesel cargo ships Winson Oil sold to Hin Leong Trading Pte Ltd. Hin Leong Trading Pte Ltd was able to make payment on these diesel cargo ships through pursuing a line of credit provided by both Standard Chartered and OCBC.
However, problems arose when OCBC bank failed to validate the line of credit it had issued. OCBC cited doubts that the bank had about the validity of the documents and concerns that Hin Leong Trading Pte Ltd had acknowledged and confessed to forging transactions. Similarly, Standard Chartered did not remunerate Winson Oil as per court documents.
The claims brought by Winson Oil against OCBC and Standard Chartered were made under the Rules for Documentary Instruments Dispute Resolution Expertise (DOCDEX). The DOCDEX is used to offer legal parties involved in a court proceeding a specific resolution framework that produces an expeditious and fair resolution. This resolution handles disputes that arise from trade finance-related tools.
While courts were unable to comment on the issue of fraud, the ICC court made up of three specialists determined that OCBC was “obligated to honour the presentation made against documentary credit.” Likewise, the ICC ruled in favour of Winson Oil against Standard Chartered by pronouncing that the bank had to honour the sum of $30.4 million.
More About Winson Oil
With over half a century of experience in the energy industry, Winson Oil is one of Asia’s leading energy trading companies. Winson Oil has a variety of offices in various parts of the Asiatic continent including Hong Kong, Bangalore, and the Philippines.
Winson Oil Trading Pte. Ltd operates oil trading, bunkering services, and supply chain services such as onshore oil tanks, vessels, shipping service distribution, and logistic planning.
With over 50 years of experience in the industry, we are more than capable of offering steadfast end-to-end supply chain solutions to our clients. We are focused on guaranteeing excellent service to our clients with a promise of customer satisfaction. We will always work on fostering long-term relationships with our business partners by validating their efforts and undeniable contributions.
With a strong partner network, a fortified position in the market and a deep sense of customer needs, we are zealous in offering the best services and solutions to our clients. Winson Oil is proud to carry out operations ethically, while minimizing any potential environmental damage through the effective use of world-class technology and other resources. We hope to spread our reach to other regions. In fact, we have plans to open offices in countries like Australia and New Zealand.
Media Contact
Natalie Miller sgwinsonoiltrading@gmail.com +6562229888 ONE RAFFLES PLACE, #41-01 ONE RAFFLES PLAZA TOWER 1, SINGAPORE 048616 http://www.winsonoil.com/
