Singapore oil trader Hontop's debts with DBS and SocGen close to being settled, say sources

SINGAPORE - China Wanda Group, the parent company of Singapore-based Hontop Energy, is close to settling the troubled oil trader's disputes with two of its major lenders, according to people familiar with the negotiations.

Banks have been struggling to collect debts from failed commodities traders after oil's collapse exposed financial shortfalls and sparked accusations of fraud and dishonest dealings. If successful, the Hontop deal could mark the first significant settlement amid a wave of disputes this year between trading houses and their lenders.

SocGen said by email on Thursday that it's"not in a position to comment", while DBS declined to comment. Emailed inquiries to Wanda Group and Hontop's judicial manager, RSM Corporate Advisory, went unanswered. Hontop, which bought crude oil on behalf of an affiliated Chinese private refiner, Shandong Tianhong Chemical, said in March that its financial difficulties were caused by a collapse in demand because of the coronavirus.

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