One of the largest oil-trading companies around the world reportedly failed $800 million in losses Declare

The son of the legendary founder Hin Leong said the oil trader hid Singapore about $800 million losses in futures trading was broken, suggesting a much bigger hole in the finances of the planned company, according to people with knowledge of matter. The sinking of the Hin Leong Trading (Pte) Ltd., one of the largest and most mysterious forces of the world of physical fuel oil trade, shows the depth of the consequences of the dramatic fall in oil prices since the beginning of the year due Saudi Russia the price war and the crown pandemic. Lim Chee Meng, the only son of Lim Oon Kuin, said the company is also a part of the millions of barrels of refined products, which was used as collateral to obtain loans sold by their banks, people, citing an April 17 and -mail sent by the shipping subsidiary of Hin Leong, proposed moratorium on putting recipients share knowledge process. As a result, the company is a significant shortfall between the actions of oil reserves are held, and promised to their stocks banks. This means that potentially huge losses for banks that traders with billions in loans as collateral they thought they had as collateral is not there. The problem with Hin Leong is to meet the latest business communities of raw materials in Singapore, the next largest hub in Geneva, London and Houston. Noble Group and Agritrade million and a rogue trader strips losses in the last three years, the city-state saw the collapse of two other big names in the industry. The son, who was also known as Evan Lim, said for any loss is not aware of the reason, he suffered a couple of years and his father Hin Leong had finance department ordered them to abstain from the annual budget, according to people with knowledge of e-mails sent by the oil tanker sea (Pte.) Ltd., the son and sister Lim Huey Ching signed. Neither the son nor the father could be reached for comment Sunday. No one answered calls or e-mail to Hin Leong or ocean tankers seeking comment. A spokeswoman for Rajah and Tann, one of Hin Leong consultants, the company has not said comments can, since the question before the Court. Hin Leong and ocean tankers for both judicial custody filed for bankruptcy on Friday when the former struggles to pay its debts. Both companies will be exclusively by the Lim family. The financial collapse of the dealer has shaken the trading close-knit community in Singapore. Increase speculation that private companies may have triggered the latest victim of the historic collapse of oil prices through the crown. Hin Leong had a positive equity of $4.56 billion and net income of $78 million in the period to October 31, after the people who do not identify asked how the issue is sensitive. But Hin Leong said this month its creditors that total liabilities reached $4.05 billion in early April, while the business only 714 million $, a hole of at least leaving $3.34 billion euro after pictures of the presentation to a group of bankers seen by Bloomberg News. the company’s balance sheet showed no fairness though, the April 9, 2020 and warned that “the numbers get companies are subject to review.” Recent news from Hin Leong Trading for the year ended October 31, 2019 & Touche LLP have been audited by Deloitte. The auditor did not flag problems, familiar to people familiar with the matter. The spokesman could not be immediately Deloitte office in Singapore Sunday during normal business hours are achieved. The company said its creditors has only $141 million worth of petroleum product inventory, compared with $1.28 billion in October is certified in his statement stated Hin Leong 2019 until April 2020 in cash were $50 million compared with $461 million in 2019 the son of Lim said in October, the father of a substantial part of the securities are sold the company, even when these stores, people have been used for bank loans as collateral for . As a result, he said, a serious shortage of oil stocks compared to the amount that hold the pledged credit lines. Bloomberg reported on April 10, the first financial difficulties Hin Leong after some lenders have credit lines from Hin Leong, amid concerns about the designed capacity to finance its debt. He said that thanks to nearly $4 billion over 20 banks, including HSBC Holdings Plc. Lim Oon Kuin, known to many in the industry as OK Lim, is supported by all the leading positions in the Hin Leong, the Xihe Group and related parties of 17 April resigning to mention for people who e-mail. He will step down as CEO and General Manager of Ocean Tankers. Both Hin Leong and ocean tanker has filed for protection from creditors under § 211b of Singapore Companies Act. Hin Leong was founded in 1963 and has grown into one of Asia’s largest fuel supplier for marine or bunker. Ocean Tankers has a fleet of over 100 oil tankers of various sizes. -With the help of Andrea Tan and Javier Blas.
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