, Singapore

Oil trader ZenRock to wind down in August: report

The company is expected to hand over responsibilities to a judicial manager.

Troubled Singapore-based oil trader ZenRock has plans to wind down its business, with employees across offices in the city-state and China set to depart by August, according to people with knowledge of the matter.

ZenRock Commodities Trading Pte is amongst a handful of trading houses in the spotlight after oil’s historic plunge earlier this year, which has sparked feuds with international lenders and accusations of dishonest deals in Asia’s commodities hub.

The company is expected to hand over responsibilities to a judicial manager, said the people, who asked not to be identified as the information is private. KPMG LLP was named interim judicial manager in May, just as ZenRock was raided by police following the allegations it used the same oil cargo to obtain more than one bank loan, according to court documents seen by Bloomberg.

Those accusations form part of its tussle with HSBC Holdings Plc, which has an exposure of almost $49 million to the trader.

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