Asia/Pacific News
PwC to Take Over Hin Leong Management: Bloomberg
Accounting firm PricewaterhouseCoopers (PwC) is set to take over the management of Singapore oil trader Hin Leong as it negotiates with its creditors, according to news agency Bloomberg.
PwC will take over as interim judicial manager of the firm, Bloomberg reported Wednesday, citing people familiar with the matter.
The accounting firm will help oversee the company's finances and negotiate with creditors.
Hin Leong's lenders have reportedly declined to issue the oil trading firm with new letters of credit, leaving the company and its subsidiaries in an uncertain position while its creditors attempt to reclaim their money through Singapore's courts.
Hin Leong is the owner of one of Singapore's largest marine fuel suppliers, Ocean Bunkering.
Hin Leong has yet to make an official comment on its situation, and company representatives have not been available for comment.
