China Aviation Oil refutes claims made by Swiss bank BCP, seeks legal advice

Singapore

CHINA Aviation Oil (Singapore) (CAO) on Thursday called the allegations made against the company by Banque de Commerce et de Placements SA, DIFC Branch (BCP) "entirely unmeritorious and misconceived", and said that it has sought legal advice from a local law firm.

Last month, CAO was issued a writ of summons by BCP, in relation to a letter of credit in January that the latter had submitted on behalf of ZenRock Commodities Trading to finance its purchase of about 260,000 barrels of gasoil from CAO.