Banque Cantonale Vaudoise v RBG Resources: Stay of Proceedings for Non-Existent Metal Cargoes
Banque Cantonale Vaudoise (BCV) sued RBG Resources Plc (RBG) and Fujitrans (Singapore) Pte Ltd (Fujitrans) for claims relating to metal cargoes. Fujitrans applied for a stay of proceedings regarding the Schedule 3 claim, alleging the cargoes never existed or were no longer in its warehouse. The High Court of Singapore, presided over by Judicial Commissioner Woo Bih Li, dismissed Fujitrans' application, holding that Fujitrans failed to demonstrate sufficient grounds for the stay and BCV was entitled to pursue its claim.
1. Case Overview
1.1 Court
High Court1.2 Outcome
Application for stay of proceedings dismissed in respect of the Schedule 3 claim.
1.3 Case Type
Civil
1.4 Judgment Type
Grounds of Decision
1.5 Jurisdiction
Singapore
1.6 Description
Application by Fujitrans for a stay of proceedings commenced by Banque Cantonale Vaudoise (BCV) was dismissed regarding non-existent metal cargoes.
1.7 Decision Date
2. Parties and Outcomes
| Party Name | Role | Type | Outcome | Outcome Type | Counsels |
|---|---|---|---|---|---|
| Banque Cantonale Vaudoise | Plaintiff | Corporation | Application for stay of proceedings dismissed | Won | Jainil Bhandari, Adrian Tan |
| RBG Resources Plc | Defendant | Corporation | Winding up orders made | Lost | |
| Fujitrans (Singapore) Pte Ltd | Defendant, Applicant | Corporation | Application for stay of proceedings dismissed | Lost | Kenneth Lie, R Doraisamy |
| Lim Tau Hee | Third Parties | Individual | Neutral | Neutral | David Kong |
| Lim Beng Heng t/a Outshine Services Trading | Third Parties | Individual | Neutral | Neutral | David Kong |
| WMC Trading Pte Ltd | Third Parties | Corporation | Neutral | Neutral | David Kong |
| Banque Bruxelles Lambert | Interveners | Corporation | Neutral | Neutral | R Srinivathsan |
| ING Bank N V | Interveners | Corporation | Neutral | Neutral | R Srinivathsan |
| Credit Lyonnais | Other | Corporation | Neutral | Neutral | Lawrence Teh |
3. Judges
| Judge Name | Title | Delivered Judgment |
|---|---|---|
| Woo Bih Li | Judicial Commissioner | Yes |
4. Counsels
| Counsel Name | Organization |
|---|---|
| Jainil Bhandari | Rajah & Tann |
| Adrian Tan | Rajah & Tann |
| Janice Lai | Lee & Lee |
| Kenneth Lie | Joseph Tan Jude Benny |
| R Doraisamy | Joseph Tan Jude Benny |
| David Kong | Shook Lin & Bok |
| R Srinivathsan | Haridass Ho & Partners |
| Lawrence Teh | Rodyk & Davidson |
4. Facts
- BCV financed RBG's purchases of metal commodities from September 1998 to April 2002.
- BCV claims it relied on warehouse documents from Fujitrans confirming metal cargoes were held to BCV's order.
- BCV alleges the Schedule 3 cargoes never existed or are no longer in Fujitrans' warehouse.
- RBG is subject to winding up orders in the United Kingdom and Singapore.
- RBG allegedly operated a fraudulent scheme involving financing for non-existent or double-financed metal cargoes.
- Fujitrans applied for interpleader relief due to multiple claims on metal cargoes in its warehouse.
- Lim Tau Hee, an employee of Fujitrans, stated that the Schedule 3 cargoes do not exist.
5. Formal Citations
- Banque Cantonale Vaudoise v RBG Resources Plc and Others, Suit 542/2002, SIC 2132/2002, [2002] SGHC 264
6. Timeline
| Date | Event |
|---|---|
| BCV began financing metal commodity purchases by RBG. | |
| BCV financed metal commodity purchases by RBG until this date. | |
| Lim Tau Hee signed a statement regarding the Schedule 3 cargoes. | |
| Fujitrans filed an application for interpleader relief. | |
| Hearing of the stay application. | |
| Decision date of the judgment. |
7. Legal Issues
- Stay of Proceedings
- Outcome: The court dismissed the application for a stay of proceedings.
- Category: Procedural
- Sub-Issues:
- Multiplicity of proceedings
- Risk of inconsistent decisions
8. Remedies Sought
- Monetary Damages
9. Cause of Actions
- Breach of Contract
- Fraud
10. Practice Areas
- Commercial Litigation
11. Industries
- Banking
- Commodities Trading
12. Cited Cases
| Case Name | Court | Affirmed | Citation | Jurisdiction | Significance |
|---|---|---|---|---|---|
| No cited cases | |||||
13. Applicable Rules
| Rule Name |
|---|
| No applicable rules |
14. Applicable Statutes
| Statute Name | Jurisdiction |
|---|---|
| No applicable statutes | |
15. Key Terms and Keywords
15.1 Key Terms
- Metal cargoes
- Stock releases
- Schedule 3 cargoes
- Interpleader relief
- Winding up orders
- Fraudulent scheme
15.2 Keywords
- Banque Cantonale Vaudoise
- RBG Resources
- Fujitrans
- Stay of Proceedings
- Metal Cargoes
- Fraud
- Singapore High Court
16. Subjects
- Civil Litigation
- Banking
- Commodities Trading
17. Areas of Law
- Civil Procedure
- Banking Law
- Commercial Law