Troubled oil trader Hin Leong has 'no reasonable prospect of being restructured on its own': PwC

Hing Leong founder and chairman O.K. Lim during an interview in Singapore on June 5, 2013. PHOTO: REUTERS
New: Gift this subscriber-only story to your friends and family

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? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and

  • 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

Join ST's Telegram channel and get the latest breaking news delivered to you.