Hin Leong Trading

The impasse signals that the banks, which also include Singapore’s DBS Group Holdings Ltd., may face a long battle to recover any money from the insolvent firm.

Pricewaterhouse Coopers Advisory Services (PwC), which is the judicial manager of Hin Leong Trading, has sued Hin Leong founder Lim Oon Kuin (also known as OK Lim) and his two children.

Oil tycoon Lim Oon Kuin (also known as O.K. Lim), who is also the founder of Hin Leong Trading, was charged in court on August 14 with the abetment of forgery for the purpose of cheating.

For DBS, digital activity volumes have increased from 30–60% overall, especially among older clients whose activity increased fourfold.

Among the exceptional items was a $44 million write-off of gasoil inventory stored at troubled Hin Leong Trading, which had falsified its revenue and secretly sold inventory pledged as collateral.

The prospects for HSBC Holdings Plc and other banks to recover losses from a failed Singapore oil trader are dimmer than originally thought.

The spectacular collapse of Singapore oil trader Hin Leong Trading (Pte) Ltd. has sparked another legal skirmish between one of its banks and a trading rival.

More companies in danger of default given higher leverage, weaker balance sheets and greater risk of liquidity crunch amid the pandemic

The distressed Singapore oil trader has admitted to US$800 mil of undisclosed losses. Is its collapse a sign of deeper problems within the industry facing falling demand and cheap supply?

SINGAPORE (April 22): The bankruptcy filing by Hin Leong Trading (HLT), a major oil trading firm in Singapore, is set to hit the three local banks, according to Phillip Securities.