Asia/Pacific News
Hin Leong Sues Deloitte Over Alleged Auditing Failures Before Collapse
Collapsed oil trading firm Hin Leong Trading has sued its former accountants, Deloitte, alleging failures in its auditing process before the company's downfall last year.
Deloitte failed to detect 'serious irregularities' in the company's financial statements for more than a decade, news agency Bloomberg cited Hin Leong's lawyers as arguing in court documents on Thursday.
The lawsuit, filed at Singapore's High Court on March 5, alleges that Deloitte "acted in breach of the terms of its engagement with the plaintiff," Bloomberg reported.
Hin Leong collapsed last year in the wake of the crude-price crash and allegations of forged documents being used to secure funding from banks. The firm and its subsidiary Ocean Bunkering, formerly one of Singapore's top marine fuel suppliers, has been wound up.
