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Singapore Police Probe Hin Leong After $800 Million Oil Losses

Published 04/20/2020, 08:42 PM
Updated 04/20/2020, 09:00 PM
© Bloomberg. SINGAPORE - FEBRUARY 23: Vessels anchored in the water off Sentosa, with the ShellÕs Pulau Bukom oil refinery pictured in the background on February 23, 2020 in Singapore. (Photo by Suhaimi Abdullah/Getty Images)

(Bloomberg) -- Singaporean police have begun probing oil trading company Hin Leong, which has come under pressure as banks call in billions of dollars in loans and the firm’s founder claimed in court documents to have hidden about $800 million in losses.

“The Police confirmed that investigations are ongoing,” Singapore Police Force’s public affairs office said in an email.

The company didn’t immediately respond to emails and a phone call seeking comment Tuesday morning in Singapore.

The downfall of Singapore-based 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.

©2020 Bloomberg L.P.

© Bloomberg. SINGAPORE - FEBRUARY 23: Vessels anchored in the water off Sentosa, with the ShellÕs Pulau Bukom oil refinery pictured in the background on February 23, 2020 in Singapore. (Photo by Suhaimi Abdullah/Getty Images)

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