Singapore: Singapore police probe oil trader Hin Leong after reports of $1.14 billion hidden losses

The troubles facing Singapore oil trading firm Hin Leong deepened as the police have started investigating the company.

The probe, which the Singapore Police Force confirmed by email, is the latest twist in the downfall of the company, which owes US$3.85 billion (S$5.49 billion) to more than 20 banks and revealed in court filings that it hid about US$800 million (S$1.14 billion) in losses. Hin Leong didn’t immediately respond to emails and a phone call seeking comment Tuesday morning in Singapore.

The implosion of Hin Leong Trading (Pte) Ltd, one of the biggest and most secretive players in the world of physical oil trading, is among the most spectacular impacts wrought by this year’s collapse in oil prices, which squeezed the firm’s revenues and triggered banks to call in debts.

The full original article can be found at straitstimes.com

(PHOTO: BUSINESS TIMES)

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