Following the collapse of energy trader Hin Leong in April 2020 – amid allegations of
multiple financing, invoice forgery and other fraudulent activity – there have been a string of court cases filed against oil trading houses in Singapore, as banks scramble to claw back lost funds.
However, Bank of China’s claim against BP appears to be the first time since that scandal that fraud accusations have been filed against an oil major. By contrast, larger traders have characterised the latter half of 2020 as a “flight to quality”, as banks restrict credit to
BP has
already said it “strongly refutes the allegations of Bank of China and will defend its position”, and that no further comment will be provided while the matter is ongoing.
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The Asian Development Bank’s (ADB) trade and supply chain finance programme (TSCFP) has unveiled a US$500mn facility to support the purchase of Covid-19 vaccines and related equipment.
The facility will provide unfunded support guarantees for private sector purchases of these items, covering the risk of non-payment. Through risk-sharing with its partner banks, the ADB says that the total amount of the facility could be leveraged to US$1bn.
“The TSCFP is an excellent crisis response vehicle, because we have got the whole structure in place through which we can ramp up or implement targeted support,” Steven Beck, head of trade and supply chain finance at the ADB, tells