UK-based HSBC Holdings Plc has allegedly filed an application to the Singapore High Court to place Zenrock Commodities Trading Pte Ltd under judicial management, a form of debt restructuring.
In the filing, HSBC accused Zenrock of being involved in fraudulent deals whereby the company used the same cargo as collateral to secure loans from multiple banks, reports Bloomberg.
HSBC have purportedly recommended KPMG LLP to oversee ZenRock and a pre-trial conference is supposedly scheduled on June 11.
Photo credit: HSBC Holdings Plc
Published: 8 May, 2020
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