The Singapore High Court on Monday (13 July) granted HSBC bank’s request to place Zenrock Commodities Trading Pte Ltd under judicial management after a hearing, according to the notice published by the Government Gazette on Thursday (16 july).
HSBC had filed an affidavit requesting for Zenrock to be placed under judicial management, a form of debt restructuring, on 4 May 2020.
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, reported Bloomberg.
HSBC have purportedly recommended KPMG LLP to take on the role as judicial managers.
Related: Singapore: Troubled Zenrock Commodities rumoured to be winding down in August
Related: Zenrock assents to HSBC’s application for it to be placed under judicial management
Related: Update: Hearing date set for HSBC application to place Zenrock under judicial management
Related: HSBC accuses Zenrock of fraudulent dealings, files for legal action amid credit concerns
Photo credit: HSBC
Published: 17 July, 2020
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