Troubled oil trader Hin Leong has 'no reasonable prospect of being restructured on its own': PwC
Sign up now: Get ST's newsletters delivered to your inbox
Hing Leong founder and chairman O.K. Lim during an interview in Singapore on June 5, 2013.
PHOTO: REUTERS
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.