Court approves Hin Leong wind up

The oil company was placed under judicial management in August 2020.

News reports have confirmed the Singapore High Court's approval of the application to wind up Hin Leong Trading, following its collapse in 2020.

The company was placed under judicial management in August, following a bankruptcy filing in April.

The Singapore-based oil trader collapsed under a $4.6b (US$3.5b) debt after wrong-way bets on COVID-19’s impact on oil prices unfurled hidden losses and alleged frauds. More than 20 banks are reportedly vying to recover their loans.

Once wound up, it will cease business operations and its assets will be liquidated by an independent agent.

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