Payment of some US$19 million ($26.0 million) was made by BCP to CAO in March after the latter presented documents to confirm that the barrels were uploaded onto a vessel from Malacca, Malaysia in the same month.
In an SGX filing on August 20, BCP alleged that the bills of lading issued for the cargo and shipping documents are false, and that no cargo was shipped or delivered, as per the contract.
CAO has since sought legal advice from law firm Rajah & Tann, and says that the allegations by BCP are “entirely unmeritorious and misconceived”.
Zenrock has previously said in July that it has plans to wind down its business.
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Shares in CAO closed 3 cents lower, or 3.4% down, at 86.5 cents on August 20.
