SINGAPORE - Italy's UniCredit has sued Hin Leong Trading over a letter of credit, court documents show, one of several the Singapore oil trader sought from lenders for oil purchases but used to pay debt instead.
UniCredit and its lawyers Dentons Rodyk & Davidson declined to comment. Glencore also declined to comment. But UniCredit, which had extended the trader an US$85 million credit line that month, said in the court documents it was not aware at the time that Hin Leong had a separate agreement to sell the cargo straight back to Glencore on the same day.
PwC, which did not respond to a request for comment, said in a report in June there were deals involving at least 18 letters of credit worth about US$503 million opened by Hin Leong to purchase a cargo only to sell it, each time, straight back to the seller simultaneously.
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