HSBC Holdings Plc along with a clutch of other banks have a combined exposure of at least $3 billion to Singapore’s Hin Leong Trading (Pte.) Ltd., and are in talks with the privately-held oil trader over shoring up its finances, according to people with knowledge of the matter. A group of about 10 lenders including HSBC, Singapore’s three largest banks, Standard Chartered Plc and Deutsche Bank AG held a virtual meeting with the oil trader and its advisers on Tuesday, the people said, asking not to be identified because they aren’t authorized to speak publicly. HSBC has the biggest exposure to Hin Leong at about $600 million, they added. Singapore’s closely-knit oil trading community is gripped by speculation over the predicament of one of its biggest players and the potentially far-reaching impact its difficulties could have on the market and trading partners. Before crude’s spectacular crash due to the coronavirus crisis, it would have been almost unfathomable that a company of Hin Leong’s status could be in such a position. https://www.bloomberg.com/news/arti...eezed-singapore-oil-trader-hin-leong-k913fy6p
Hin Leong said to have failed to declare US$800m losses SUN, APR 19, 2020 - 8:27 PM [SINGAPORE] The son of the legendary oil trader and founder of Hin Leong Trading (Pte) Ltd said the Singapore-based company had suffered about US$800 million in losses from futures trading that weren’t reflected in its financial statements, according to people with knowledge of the matter. -------------------- soon the auditor for Hin Leong will also be investigated