Chinese independent refiner China Wanda Holding Group, the parent company of Singapore-based Hontop Energy, is approaching a settlement with two of its major creditors DBS Bank Ltd. and Societe Generale SA, reports Bloomberg.
China Wanda has reportedly conceded to settle Hontop’s outstanding balances via its other subsidiaries. In a court filing, it was reported that Hontop’s debts included USD 33.2 million to DBS and USD 63.3 million to SocGen.
Hontop was placed under judicial management in early September with RSM Corporate Advisory Pte Ltd appointed as judicial managers of the company. The September application was filed by CIMB Bank Singapore on 15 June, 2020 as the bank looked to recover USD 105 million from Hontop and accused the company of fraudulent conduct.
Related: Hontop Energy placed under judicial management over fraudulent conduct accusations
Related: Hearing date set for Hontop Energy to be placed under judicial management
Related: CIMB requests for Hontop Energy restructuring amid suspicious transactions with BP
Related: Argus Media: Hontop Energy fraud allegations add to Singapore trading woes
Related: BP Singapore oil traders on leave over being named in Hontop Energy fraud allegations
Photo credit: Stevepb
Published: 25 September, 2020
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