SINGAPORE - Singapore's Hin Leong Trading Ltd has no future as an independent company after it"grossly overstated" the value of its assets by at least $3 billion, according to a preliminary report prepared by a court-appointed supervisor.
Hin Leong and PwC did not immediately respond to emailed requests for comment. A spokesman for Rajah & Tann, the legal adviser to the interim judicial managers, declined comment. The accountancy firm said that as of Oct. 31, 2019, Hin Leong had overstated its assets, including at least $2.23 billion in accounts receivables, unlikely to be recovered, and $800 million in inventory shortfalls.
Hin Leong is owned by its founder Lim Oon Kuin, a Singaporean in his 70s widely known as O.K. Lim, and his son Lim Chee Meng, who is also known as Evan Lim, and daughter Lim Huey Ching. It added that it was holding informal discussions with potential investors to assess their interest in Hin Leong and its subsidiaries Ocean Bunkering Services Pte Ltd and Hin Leong Marine International Pte Ltd.