Oil trader Hin Leong has no future as independent company: PwC

The accounting firm found a number of irregularities in the oil trader’s finances.

Singapore’s Hin Leong Trading has no future as an independent company after it “grossly overstated” the value of its assets by at least $4.17b ($3b), according to a preliminary report prepared by a court-appointed supervisor.

In the report filed this week in Singapore’s High Court and reviewed by Reuters, the interim judicial managers from PricewaterhouseCoopers Advisory Services (PwC) said they had found a significant number of irregularities in the oil trader’s finances.

Two sources close to the matter confirmed the findings, which were based on documents and interviews with Hin Leong employees in a two-month investigation into its finances and trading activities.

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.

Hin Leong, one of Asia’s largest oil traders, was placed under so-called judicial management in April after banks demanded repayment of loans as oil prices crashed and the coronavirus swept across the globe.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia