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MAS, ACRA, MPA, Enterprise Singapore monitoring Hin Leong as police probe oil trading giant
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Hin Leong Trading’s Pu Tuo San VLCC (very large crude carrier) supertanker in the waters off Jurong Island last July. Company founder Lim Oon Kuin said that Hin Leong had, on his instructions, sold a substantial part of the oil inventory pledged as collateral for loans and used the proceeds as general funds.
PHOTO: REUTERS
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Fabled oil trading giant Hin Leong, whose dramatic downfall is described as one of the biggest trading failures in Singapore in recent years, is facing mounting scrutiny from the authorities, with the Singapore police and other regulators now probing the company.
The Singapore Police Force confirmed yesterday that investigations are ongoing, while the Accounting and Corporate Regulatory Authority (Acra) said it is "monitoring the case and will assess if further action is warranted".
