SINGAPORE - Millions of dollars of oil stored in tanks and ships in Asia and Europe has become caught in a web of lawsuits related to trade and financing deals by Singapore's Hin Leong Trading, according to court documents and shipping data.
Hin Leong, one of Asia's largest oil traders, was placed under so-called judicial management in April owing more than US$3.5 billion to 23 banks as oil prices crashed and the coronavirus swept across the globe. Hin Leong's oil inventories"are likely to be subject to multiple claims by creditors", according to PwC. The accountancy firm plans to sell some of the inventory, which is currently incurring storage costs, to minimise costs.
Unipec Singapore, the trading arm of Asia's largest refiner Sinopec, has sought delivery of diesel aboard the three tankers - Very Large Crude Carrier Qi Lian San and two Aframax-sized ships Ocean Voyager and Ocean Taipan -under sales contracts with Hin Leong, PwC said. Davinder Singh Chambers and nTan Corporate Advisory, the Lim family's legal and financial advisers respectively, did not immediately respond to e-mailed requests for comment.
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: YahooSG - 🏆 3. / 71 Read more »