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Hin Leong Bust Latest to Mar Singapore’s Oil Trading Haven

  • Fabled trading house said it hid $800 million in losses
  • Noble Group, Agritrade and Hontop also had recent collapses
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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.