ISU SPECIALTY CHEMICAL CO., LTD. v C&D (SINGAPORE) BUSINESS PTE. LTD.

Case Significance

In ISU Specialty Chemical Co Ltd v C&D (Singapore) Business Pte Ltd [2024] SGHC 285, decided on 6 November 2024, the General Division of the High Court heard Originating Claim No 82 of 2022, with Choo Han Teck J delivering judgment after hearings on 6, 7, 16 and 20 August and 24 September 2024. The claimant and ISU Exachem Co Ltd were South Korean companies in the wholesale business of trading liquid fuel and related products; on 25 January 2024 ISU and the claimant entered a spin-off merger agreement, carried out on 2 April 2024, under which ISU's rights and obligations, including its entitlement to pursue the present claim, were transferred to and assumed by the claimant. The defendant, C&D (Singapore) Business Pte Ltd, was a Singaporean company in the wholesale trade of various goods. Between July 2020 and January 2021 the defendant had purchased Light Cycle Oil from ISU on six occasions, each a contract for 300,000 barrels negotiated between Oh Jung Hak (known as John Wu), an agent for ISU, and Ke Rulai (known as Jason Ke), the defendant's representative; the first five transactions were done by way of tender to Hyundai Oil Singapore Pte Ltd. The catchwords record the issue of contract formation and offer concerning the final transaction for barrels to be delivered in February 2021.