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Singapore’s Police Force commence investigations into Hin Leong Trading

21 Apr 2020

The Singapore Police Force have reportedly confirmed by email investigations into oil company Hin Leong Trading (HLT) te Ltd  have commenced following the company’s latest court filings on Friday (17 April) revealing it hid USD 800 million in losses, according to Bloomberg.

Similarly, Singapore’s Accounting and Corporate Regulatory Authority have purportedly said it would appraise the situation to consider any necessary actions. The Monetary Authority of Singapore is also allegedly in talks with HLT’s bank creditors.  

Reports on Hin Leong affiliated energy transport company Ocean Tanker’s court filing by Argus Media reveal Hin Leong was already in talks with traders to cancel some of its gasoline loadings because of problems securing short-term credit lines, market participants said. It allegedly also faced multiple demands from banks to not discharge some gasoil, jet fuel and gasoline cargoes without the banks’ consent.

As a domino effect of uncovering Hin Leong’s financial situation, India’s ICICI Bank is purportedly looking to impound two vessels Wu Yi San and Chang Bai San carrying ICICI financed cargo, according to Reuters. The bank’s exposure to the company is estimated to be USD 100 million.

Related: Report: Hin Leong Trading founder gave instructions to hide USD 800 million losses
Related: Singapore: Ocean Bunkering Services to discontinue marine fuel deliveries
Related: Hin Leong in debt restructuring exercise; Ocean Tankers a separate entity, says CEO
Related: Report: Hin Leong Trading finances under scrutiny, amid credit pull from two banks


Photo credit:
stevepb
Published: 21 April, 2020 

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