Hin Leong

In what is known as a consent judgment, the Lims will pay the billion-dollar sum with interest and costs to end the suit.

Hin Leong’s fallout was the biggest among a string of failures across Singapore’s commodities sector in recent years.

Hin Leong previously sued Deloitte & Touche for the firm’s failure to detect “serious irregularities” in its financial statements.

He was already facing two charges.

Large Asian commodities trading clients with operations in Singapore will now be handled by Hong Kong, the people said. SocGen is cutting ties with Singapore-based small and medium commodities trading firms.

Blockchain offers a secure way of tracking transactions over supply chains, but there are still risks to bear in mind.

Quoteworthy: “It’s not like we had a fight. This was perfectly amicable.” –— SoftBank Group founder Masayoshi Son, pre-empting speculation of a fallout with Alibaba Group’s Jack Ma. They are quitting each other’s boards.

The scale and regularity of the fabrication suggests that the practice was routine and pervasive, says PWC

SINGAPORE (May 4): When Hin Leong Trading filed for court protection on April 17, it emerged, in affidavits by its own-er Lim Oon Kuin and his son Lim Chee Meng, that the local oil trader owed 23 banks a total of US$3.85 billion ($5.45 billion).

That hard-earned reputation is now taking a hit after a spate of financial scandals and failures, culminating in the dramatic demise of Hin Leong Trading.