Singapore-based oil trading firm Zenrock Commodities Trading is conceding a HSBC request to the High Court for the company to be placed under judicial management, reported The Business Times.
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.
The court has allegedly granted HSBC’s bid for Zenrock to be placed under judicial management from KPMG, a form of debt restructuring.
It was reported that Zenrock had earlier resisted HSBC’s application but has since had a change of heart. The hearing is set for 13 July, 2020.
Related: HSBC accuses Zenrock of fraudulent dealings, files for legal action amid credit concerns
Related: Winson Group and ZenRock Commodities reassure fiscal stability despite Hin Leong fiasco
Photo credit: HSBC
Published: 18 June, 2020
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