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 Ltd, 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 $3.8 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.
The tankers were chartered by Ocean Tankers Ltd , owned by Hin Leong's founder Lim Oon Kuin, widely known as O.K. Lim, and his family. Ocean Tankers has also been placed under judicial management. PwC said HSBC, Societe Generale SA, ICICI Bank, Natixis SA and Credit Agricole Corporate & Investment Bank have made claims on cargoes onboard the FSUs. It named the vessels Wu Yi San, Chang Bai San and E Mei San.
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