SINGAPORE - More irregularities have been uncovered in beleaguered Hin Leong Trading's affairs by its judicial manager, which is now investigating why "substantial misstatements" in the oil trader's audited financial statements were allegedly not detected by its external auditors, Deloitte & Touche.
Judicial manager PricewaterhouseCoopers (PwC) Advisory Services, in its second report to the High Court filed on Nov 6, found that Hin Leong's assets were overstated by US$3.07 billion (S$4.1 billion) for its 2019 financial year, comprising US$2.27 billion in fake accounts receivables (up from US$2.23 billion) and US$800 million in inventory shortfalls. This was done to conceal significant losses over the years, PwC said in court documents seen by The Straits Times.
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