[SINGAPORE] The son of the legendary oil trader and founder of Hin Leong Trading Ltd said the Singapore-based company had suffered about US$800 million in losses from futures trading that weren’t reflected in its financial statements, according to people with knowledge of the matter.
Lim Chee Meng, the only son of Lim Oon Kuin, said he was unaware of the losses suffered over some years and his father had instructed Hin Leong’s finance department to omit them from its financial statements, according to the people with knowledge of an April 17 email sent by the shipping arm of Hin Leong, Ocean Tankers Ltd, notifying recipient parties of proposed moratorium proceedings.
Neither the son nor the father could be reached for comment on Sunday. Nobody responded to calls or emails to Hin Leong or Ocean Tankers seeking comment. A spokeswoman for Rajah and Tann, one of Hin Leong’s advisers, said the firm is unable to comment because the matter is before the court. Hin Leong and Ocean Tankers both filed for court protection from creditors on Friday as the former struggles to repay its debts, said to be up to US$4 billion.
The trader’s financial distress has rocked the tightly-knit trading community in Singapore, one of the world’s most important oil markets and its biggest ship fuelling hub. It’s raising speculation that the privately-held company could be the latest casualty of the historic collapse in oil prices triggered by the coronavirus.
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