Deloitte sued for ‘failing to detect gaps’ in oil trader’s financial statements
The firm had audited the books of Hin Leong Trading for 16 years before its collapse in 2020
10 June 2021 - 11:03
Singapore — A failed oil trader in Singapore that owes creditors more than $3.5bn is suing Deloitte & Touche, alleging the auditing firm failed to detect “serious irregularities” in its financial statements for more than a decade.
Deloitte audited the books of Hin Leong Trading for at least 16 years before the firm collapsed in 2020 when founding tycoon Lim Oon Kuin admitted trading losses of $808m weren’t reflected in the firm’s financial statements, according to a court filing...
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