Murky future: A view of Hin Leong’s Pu Tuo San VLCC supertanker in the waters off Singapore. Irregularities have been found in the Singapore oil trader’s finances. — Reuters
SINGAPORE: Singapore’s Hin Leong Trading (Pte) Ltd has no future as an independent company after it “grossly overstated” the value of its assets by at least US$3bil, according to a preliminary report prepared by a court-appointed supervisor.
In the report filed this week in Singapore’s High Court and reviewed by Reuters, the interim judicial managers from PricewaterhouseCoopers Advisory Services Pte. Ltd (PwC) said they had found a significant number of irregularities in the Singapore oil trader’s finances.
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