SINGAPORE - Millions of dollars of oil stored in tanks and ships in Asia and Europe has become caught in a web of lawsuits related to trade and financing deals by Singapore’s Hin Leong Trading Ltd, according to court documents and shipping data.
The oil inventories that Hin Leong did have include diesel on three tankers that arrived fully loaded in Europe last month, and which have since been floating off the United Kingdom and France, shipping data on Refinitiv’s Eikon showed. The ownership of the fuel on four floating storage units off Malaysia is also in dispute, the report said.
Hin Leong and PwC did not immediately respond to emailed requests for comment. A spokesman for Rajah & Tann, legal advisor to the interim judicial managers, declined comment. Unipec Singapore Pte Ltd, the trading arm of Asia’s largest refiner Sinopec, has sought delivery of diesel aboard the three tankers - Very Large Crude Carrier Qi Lian San and two Aframax-sized ships Ocean Voyager and Ocean Taipan -under sales contracts with Hin Leong, PwC said.
Davinder Singh Chambers LLC, the Lim family’s legal advisor, and nTan Corporate Advisory Pte Ltd, its financial advisors, did not immediately respond to emailed requests for comment.
Source: Digital Coin News (digitalcoinnews.net)
j3ssi3 RoslanJK Challenging admiralty and international law issues. Complex litigation and arbitration.
j3ssi3 RoslanJK U realize all these ships are just sitting there in the middle of the ocean with all this oil. One or two or three would be okay but hundreds of them at the same time is a HUGE problem. I don't want to think what would happen if there was an accident, the spill would be horrible
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