Singapore: Troubled Zenrock Commodities rumoured to be winding down in August
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Zenrock is in debt upwards of USD 166 million as of April, and is said to be winding down with employees leaving by August, reports The Business Times.
Singapore-based oil trading firm Zenrock Commodities Trading is prepared to wind down its business and its employees in offices across Singapore and China are prepared to leave by August, reports The Business Times.
As earlier reported by Manifold Times, Zenrock has agreed to be placed under judicial management, after HSBC accused the company of fraud and has since been scheduled for a hearing at 10 am on Monday, 13 July.
In HSBC’s court filing, the bank reportedly has an exposure of almost USS 49 million to Zenrock; the trading firm owes more than USD 166 million to six creditors as of April 17.
Photo credit: Manifold Times
Published: 8 August, 2020
