SINGAPORE: The founder of Singapore oil trading company Hin Leong was charged in court on Friday with abetment of forgery for the purpose of cheating, the police said.READ: Founder of homegrown oil trader Hin Leong charged with abetment of forgery for the purpose of cheating
The charge on Friday accuses Lim of instigating Hin Leong contracts executive Freddy Tan Jie Ren to forge an email purportedly sent by Hin Leong Trading to China Aviation Oil on Feb 26 in relation to a sale transaction of Gasoil 10PPM sulphur. “This email, along with the Inter-Tank Transfer certificate mentioned in the first charge, was submitted to a financial institution to secure more than US$56 million in trade financing,” police said in a news release.AdvertisementHin Leong, one of Singapore’s largest independent oil traders, is now struggling to repay debts of US$3.85 billion.
Police confirmed in April that they were investigating Hin Leong, after the firm filed for bankruptcy protection amid a revelation from its founder that it had failed to disclose hundreds of millions in losses over several years.
House of falling cards.
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Source: BusinessTimes - 🏆 15. / 51 Read more »
PwC, 2 law firms could earn S$17m from Hin Leong's rescue bidPRICEWATERHOUSECOOPERS (PwC) and legal firms Rajah & Tann and Drew & Napier could pocket up to S$17.3 million in fees from the court-supervised bid to rescue debt-hit Hin Leong Trading (HLT), say court documents. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Lim Oon Kuin faces second charge of abetting Hin Leong worker in forgeryTYCOON Lim Oon Kuin, founder of oil trader Hin Leong Trading, on Friday found himself facing another charge of instigating a worker to commit forgery. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
PwC, 2 law firms could earn S$17m from Hin Leong's rescue bidPRICEWATERHOUSECOOPERS (PwC) and legal firms Rajah & Tann and Drew & Napier could pocket up to S$17.3 million in fees from the court-supervised bid to rescue debt-hit Hin Leong Trading (HLT), say court documents. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Singapore oil trader Hontop's bank debts close to being settled[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. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Singapore oil trader Hontop's debts with DBS and SocGen close to being settled, say sourcesSINGAPORE (BLOOMBERG) - 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.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »