2026 TeoTwawKi ... 2032 Darkest Interregnum Message Board

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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

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elmatador

SirWalterRalegh

To: elmatador who wrote (81943)	4/20/2020 7:13:24 AM
From: Snowshoe	2 Recommendations of 217645

"Only when the tide goes out do you discover who's been swimming naked." - Warren Buffet Hin Leong Failed to Declare $800 Million Losses bloomberg.com Updated on April 20, 2020 Fabled Singapore oil trader Hin Leong hid about $800 million in losses racked up in futures trading on the orders of its founder Lim Oon Kuin, suggesting a much bigger hole in the company’s finances than thought, according to affidavits seen by Bloomberg. The downfall of 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 as a consequence of the Saudi-Russia price war and the coronavirus pandemic. The company also sold some of the million of barrels of refined products it had used as collateral to secure loans from its banks, according to an affidavit by the founder’s son, Lim Chee Meng, attached to an email from the company’s shipping affiliate, Ocean Tankers (Pte.) Ltd., notifying recipient parties of proposed moratorium proceedings. As a result, the company faces a significant shortfall between the oil stocks it held and the inventories pledged to its banks. That potentially means huge losses for the banks which provided the merchant with billions in loans as the collateral they thought they have as a guarantee isn’t there.

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