Police in Singapore have launched an investigation into the city-state's giant oil trader Hin Leong Trading.

The probe comes days after Hin Leong founder Lim Oon Kuin admitted to hiding $800m in futures losses.

Lim revelations were made in an affidavit submitted to the High Court of Singapore last Friday when Hin Leong applied for court protection from creditors.

Lim instructed his financial department to keep the losses off its books, and said he would accept full responsibility if something went wrong.