Singapore has long touted itself as the ideal home for a commodity trading house, with low taxes, light regulation and a view of one of the world’s busiest shipping channels.
That hard-earned reputation is now taking a hit after a spate of financial scandals and failures, culminating in the dramatic demise of Hin Leong Trading Pte, the fabled marine fuel trader that has confessed to hiding about $800 million in losses and selling off oil inventories that were backstopping loans.
