Singapore High Court Clarifies Law on Credit Sleeve Providers and Sham Transactions

08 Jun 2021 CaseWatch

The Singapore High Court has found in favour of a Singapore-incorporated petrochemical wholesale company which received a margin for acting as an intermediary in a credit sleeve arrangement with other parties to facilitate the sale of fuel oil in Goodwood Associates Pte Ltd v Southernpec (Singapore) Pte Ltd and another suit [2020] SGHC 242. The Court of Appeal recently dismissed the appeals brought against the High Court’s decision.

This update takes a look at the High Court’s decision, which was upheld by the Court of Appeal.

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