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Hin Leong Failed to Declare $800 Million Losses

  • Futures losses omitted from financial statements: affidavits
  • Oil trader has accounting deficit of about $3.34 billion
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Photographer: Bloomberg/Bloomberg
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Fabled Singapore oil trader Hin Leong hid about $800 million in losses racked up in futures trading on the orders of its founder Lim Oon Kuin, suggesting a much bigger hole in the company’s finances than thought, according to affidavits seen by Bloomberg.

The downfall of Hin Leong Trading (Pte) Ltd., one of the biggest and most secretive forces in the world of physical fuel-oil trading, shows the depth of the fallout from the dramatic drop in oil prices so far this year as a consequence of the Saudi-Russia price war and the coronavirus pandemic.