Glencore has successfully fended off a claim by UniCredit to recover $37m linked to a transaction with liquidated Singapore oil trader Hin Leong.
Singapore High Court judge Andre Maniam has ruled that the commodities trader did not “defraud or deceive” the Italian lender, nor did it conspire with Hin Leong to injure UniCredit, nor was it unjustly enriched.
On 27 November 2019, Hin Leong applied to UniCredit for an irrevocable letter of credit in the sum of $37.2m
