Economic

SICC dismisses lender’s claim for US$24m in Zenrock fraud case

THE Singapore International Commercial Court (SICC) has dismissed a claim by Credit Agricole Corporate & Investment Bank’s (CACIB) Singapore branch that PPT Energy Trading was not entitled to receive some US$24 million under the bank’s letter of credit (LC) as it was a participant in the fraud by failed Zenrock Commodities Trading.

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