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Restructuring of oil trader ZenRock would 'preserve only a fraction of its business': KPMG
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KPMG has identified more than 200 questionable transactions dating back to January 2018.
PHOTO: ST FILE
SINGAPORE - Embattled ZenRock Commodities Trading was granted judicial management on Monday (July 13) but the judicial managers have noted that any restructuring of the firm now under Commercial Affairs Department (CAD) investigation would "at best preserve only a fraction of its business".
KPMG staff members Martin Wong, Bob Yap and Toh Ai Ling, who were confirmed as judicial managers on Monday, said in a report filed on July 9 with the High Court that ZenRock was "unlikely to continue in the long term under its original three pillars of business".
