UniCredit Bank’s US$37m claims against Glencore over Hin Leong’s transaction dismissed

UNICREDIT Bank has lost its claims to recover US$37 million from Glencore Singapore in a transaction related to liquidated oil trader Hin Leong as Singapore’s High Court ruled that Glencore did not defraud or deceive the bank into issuing the letter of credit.

Neither did the defendant conspire with Hin Leong to cause harm to the European commercial bank, nor was it unjustly enriched, Justice Andre Maniam wrote in a judgment published on Friday (Oct 21).

UniCredit has contended that Glencore, having simultaneously bought back the goods it had sold Hin Leong, the natural resource company was fraudulent when it did not inform the bank about the buyback transaction.