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.
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