One of the Singapore’s largest independent oil traders Hin Leong said that it is failed to declare “about $800 million in futures losses over the years,” The company is seeking a six-month moratorium on its roughly $3.85 billion debt load owed to 23 banks. A report by Reuters.
Lim Oon Kim (The company’s founder and director) 77, was mentioned in the filing as accepting blame for directing the finance department to cover hundreds of millions of dollars in losses from arriving on the company’s financial statements.
The son of Lim, Evan Lim Chee Meng, said in a filing that his father sold a part of the company’s oil inventories and used the amount as general funds, even though the barrels were pledged as collateral to secure loans from banks.
