Singapore oil trader Hin Leong Trading has "no future as an independent firm" after it "grossly overstated" the value of its assets by at least $3bn, its judicial managers have said in a preliminary report.
PricewaterhouseCoopers Advisory Services (PwC), the court-appointed supervisor, said it had found a "significant number of irregularities" in Hin Leong’s finances, in a report filed this week in Singapore’s High Court, reported Reuters.
