Photographer: Wei Leng Tay/Bloomberg
When Credit Agricole SA and HSBC Holdings Plc issued a paymentguarantee for a US$76.5 million fuel purchase from a Singaporetrader in March, they unwittingly became the latest victims in aseries of trade finance scandals that have led to more than $9billion in potential losses for global lenders.
At the same time that Hin Leong Trading Pte. was pledging thefuel to back the loan, it allegedly agreed to sell the same cargoto another trader, who sought letters of credit from three banksincluding Credit Agricole.
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