Hin Leong collapse has 'no serious impact' on Singapore's oil trading, bunkering sectors

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 c
Hin Leong Trading's Pu Tuo San VLCC (very large crude carrier) supertanker in the waters off Jurong Island last July. 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.

But several government agencies came out to say on Tuesday that its collapse - with US$3.85 billion (S$5.5 billion) in debts and US$800 million (S$1.15 billion) in hidden losses - would have "no serious impact" on Singapore's oil trading and bunkering sectors, with the Republic's banking system remaining sound.

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A version of this article appeared in the print edition of The Straits Times on April 22, 2020, with the headline Hin Leong collapse has 'no serious impact' on Singapore's oil trading, bunkering sectors. Subscribe