Standard Chartered Bank Withholding $8.4M, Exporter Claims
Law360, London (November 29, 2019, 1:24 PM GMT) -- Hong Kong commodities exporter Global Tradinglinks has sued Standard Chartered Bank for nearly $8.4 million, saying at a London court that the lender has refused to honor a letter of credit for goods shipped on behalf of a metals trader.
Global Tradinglinks said in its High Court claim that it is the beneficiary under a letter of credit, which it says is irrevocable, issued after an application by Singapore-based metals trader Kyen Resources.
The credit available to Global Tradinglinks at Standard Chartered Bank is $8.4 million, according to the claim, which was made public at the court on Nov. 26.
The commodities exporter...
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