Singapore court approves winding up of oil trader Hin Leong: sources | Hellenic Shipping News Worldwide hellenicshippingnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hellenicshippingnews.com Daily Mail and Mail on Sunday newspapers.
Singapore court approves winding up of oil trader Hin Leong-sources Selasa, 09 Maret 2021 / 07:45 WIB Sumber:
KONTAN.CO.ID -
SINGAPORE. Singapore s High Court on Monday approved an application to wind up collapsed oil trading firm Hin Leong Trading Pte Ltd, marking the end of what was once one of Asia s top oil traders, three sources familiar with the matter said.
Hin Leong, owned by Singaporean tycoon Lim Oon Kuin and his children, racked up some $4 billion in debt and entered court restructuring nearly a year ago.
The company had been seeking to restructure its debts after the oil price crash last year when Lim admitted in a court document to directing the firm not to disclose hundreds of millions of dollars in losses over several years.
Singapore's High Court on Monday approved an application to wind up collapsed oil trading firm Hin Leong Trading Pte Ltd, marking the end of what was once one of Asia's top oil traders, three sources familiar with the matter said.
March 09, 2021
Hin Leong collapsed in 2020 after a default exposed years of hidden losses and alleged fraud by founder Lim Oon Kuin.
Reuters and The Straits Times file
SINGAPORE - The High Court has given the green light for the winding up of Hin Leong Trading, marking the end of the road for the collapsed oil trading giant after nearly a year of restructuring.
In a hearing on Monday morning (March 8) before High Court Justice Kannan Ramesh, judicial managers Goh Thien Phong and Chan Kheng Tek of PricewaterhouseCoopers (PwC) Advisory Services were appointed liquidators of Hin Leong.
They had applied for Hin Leong to be wound up after three potential bidders walked away from a deal to buy Hin Leong and two related companies as a combined entity.
Singapore's High Court on Monday approved an application to wind up collapsed oil trading firm Hin Leong Trading Pte Ltd, marking the end of what was once one of Asia's top oil traders, three sources familiar with the matter said.