Hin Leong scandal adds tarnish to fading Singapore brand

SINGAPORE — To many Singapore observers, the most unsettling aspect of the collapse of Hin Leong Trading was not the speed with which volatile markets pushed one of Asia’s biggest private oil traders $4 billion into the red.

More worrying was the admission from the company’s billionaire founder Lim Oon Kuin, one of Singapore’s most respected business leaders, that he had directed his finance department not to disclose $800 million worth of trading losses.

“There’s no way to sugar coat it,” said Chris MacIntosh, co-founder of fund manager Glenorchy Capital. “It’ll hurt, and it will also hurt Singapore’s reputation.”


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Singapore oil trader Hin Leong battered by crude crash

SINGAPORE — One of Singapore’s foremost oil traders, Hin Leong Trading, is now struggling to stay afloat amid a plunge in crude oil prices and greater scrutiny by banks that has left it facing a cash crunch.

The company had by Wednesday submitted a court filing requesting a moratorium on payments on nearly $4 billion in debt, Reuters reported. While Hin Leong has not disclosed the reason for its financial woes, the collapse in oil demand amid the coronavirus pandemic may have squeezed its earnings to the point where repayment became impossible.

The market turmoil is laying bare troubles that

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