Top global oil trader Hin Leong failed to declare $800m losses, court papers show
The downfall of Hin Leong Trading shows impact of fallout from plunging oil prices
20 April 2020 - 22:06
Singapore — The founder and director of top Singapore oil-trading company Hin Leong Trading directed the firm not to disclose hundreds of millions of dollars in losses over several years, he said in a court filing reviewed by Reuters.
The affidavit signed by Lim Oon Kuin, a Chinese immigrant in his 70s widely known as OK Lim, is part of a filing on Friday to the Singapore High Court by HLT and subsidiary Ocean Tankers, seeking a six-month moratorium on debts of $3.85bn to 23 banks...
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