Singapore-based oil trading firms Winson Group and ZenRock Commodities both made separate statements to abate any doubts over their financial stability due to the recent Hin Leong Trading (HLT) debacle, reports Bloomberg.
Winson Group allegedly stated the company did not have any ongoing accounts with HLT in an emailed statement to the news agency.
The same email also supposedly states that the company has been able to meet all obligations and deadlines to banks and creditors.
Similarly, ZenRock purportedly stated by email it is not under any statutory restructuring or insolvency protection and does not have any open accounts with HLT.
It added that while its business has been adversely affected by slowing Chinese demand, closed economies due to the coronavirus lockdown, it has the “ability and experience to work through them profitability”.
Related: Report: Hin Leong Trading appoints PwC as interim judicial manager
Related: Singapore’s Police Force commence investigations into Hin Leong Trading
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: Aditya Chinchure
Published: 24 April, 2020
Ince & Co. lawyers briefed delegates at an Emirates Maritime Arbitration Centre breakfast seminar in March.
Directors of the company said there was support from a number of lenders for the company to appoint joint provisional liquidators on a soft touch basis.
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Xihe said it has recently hired a qualified management team to drive the business; Lim Oon Kuin and his children are no longer part of the management team.
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MPA has also asked Glencore to improve its internal procedures to ensure that prompt action is taken in future when it becomes aware of, or reasonably suspects, any irregularity in fuel quality, it states.
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