Asia/Pacific News
Banks Exposed in Hin Leong Collapse
Tuesday April 21, 2020
Dutch lender ABN Amro has filed charges against Singaporean oil trading house Hin Leong.
The trading company, which filed for court protection last week, showed losses of $0.8 billion, according to court records.
According to local news provider the Straits Times citing filings with Singapore's Accounting and Corporate Regulatory Authority, Hin Leong has debts totalling $3.85 billion to a number of Singapore and international banks including HSBC Holdings, DBS Group Holdings and Standard Chartered.
Under local law, the company has 30 days under court protection pending a decision on the full six-month protection period from creditors if so granted by the court.
