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PwC: 'No reasonable prospect' of restructuring Hin Leong on its own
Interim judicial managers recommend firm be put together with others in the group
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Hin Leong's Universal Terminal has a storage capacity of 2.33 million cubic m, making it the largest independent petroleum storage terminal in Singapore and one of the biggest independent storage facilities in the world. The interim judicial managers recommended that Universal Terminal, which is co-owned by Hin Leong, be included as part of the restructuring of the oil trader.
PHOTO: HIN LEONG
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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 has "no prospect of recovery", said its interim judicial managers, citing the company's fiscal 2019 audited statements.
In a report filed on Monday in Singapore's High Court, PricewaterhouseCoopers (PwC) Advisory Services said this was among a "significant number of irregularities in the company's affairs" uncovered in its investigations.
