Oil Trader Hin Leong Has No Future as an Independent Company

Singapore’s Hin Leong Trading (Pte) Ltd has no future as an independent company after it “grossly overstated” the value of its assets by at least $3 billion, according to a preliminary report prepared by a court-appointed supervisor, Reuters reported. In the report filed this week in Singapore’s High Court and reviewed by Reuters, the interim judicial managers from PricewaterhouseCoopers Advisory Services Pte. Ltd (PwC) said they had found a significant number of irregularities in the Singapore oil trader’s finances. Two sources close to the matter confirmed the findings, which were based on documents and interviews with Hin Leong employees in a two-month investigation into its finances and trading activities. Hin Leong and PwC did not immediately respond to emailed requests for comment. Read more