Traders Conspired Over Sham Cargo Docs: Singapore Bank

Law360, London (December 3, 2018, 10:29 PM GMT) -- Oversea-Chinese Banking Corp. Ltd. is seeking $16.3 million in damages from a commodities exporter for allegedly using bogus documents to receive payment from Deutsche Bank in London for a trade deal, the Singapore-based bank said in its U.K. lawsuit.

Oversea-Chinese Banking Corp., or OCBC, accused Global TradingLinks of fraudulent misrepresentation, unlawful means conspiracy and unlawful interference with the bank’s contractual rights, it said in its High Court suit filed on Nov. 12.

The bank’s claim for $16.3 million is the total paid out to Global TradingLinks, or GTL, under two letters of credit. OCBC had said in its original claim form...

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