SINGAPORE - Troubled oil trader Hin Leong Trading's assets were "grossly overstated by an astonishing amount of at least US$3 billion (S$4.2 billion)", of which "US$2.23 billion in accounts receivables have no prospect of recovery", according to its interim judicial manager PricewaterhouseCoopers (PwC) Advisory Services.
In a report filed on Monday (June 22) in the High Court, PwC said this was among a "significant number of irregularities in the company's affairs" uncovered in its investigations.
Already a subscriber? Log in
Read the full story and more at $9.90/month
Get exclusive reports and insights with more than 500 subscriber-only articles every month
ST One Digital
$9.90/month
No contract
ST app access on 1 mobile device
Unlock these benefits
All subscriber-only content on ST app and straitstimes.com
Easy access any time via ST app on 1 mobile device
E-paper with 2-week archive so you won't miss out on content that matters to you
