Hin Leong Trading is a commodity trading corporation registered and headquartered in Singapore that was founded in 1963 by Lim Oon Kuin. One of Singapore's largest independent oil traders, Hin Leong filed for bankruptcy protection in April 2020.[1]
In December 2010, Hin Leong announced plans to build Singapore's fourth oil refinery.[2] In 2014, the company announced plans to file for an initial public offering (IPO) but cancelled those plans by the end of the same year.[3]
When the outbreak of SARS-CoV-2 in Wuhan, China was first announced, Lim believed that the Chinese government would effectively contain it and therefore made the "quintessential Hin Leong play" of betting that oil prices would rise as a result of a recovering demand for oil.[4] However, as the coronavirus crisis worsened into a pandemic and amidst plunging crude oil prices, the company faced pressure to make partial loan repayments amounting to billions of dollars; despite selling off oil pledged as collateral, the company was still unable to raise enough money to pay down its loans. In a meeting with its lenders, Lim revealed that the company had written off $800 million in futures trading losses, although it had declared a revenue of $20 billion and a net income of close to $80 million in the 2019 financial year.[5][4]
The company owed some $3.85 billion to 23 lenders, the biggest of which being HSBC which held $600 million of Hin Leong's debt.[6] Singapore's three largest banks also faced significant debt exposure to Hin Leong; UOB was owed $100 million, whereas OCBC and DBS Bank had exposures of $200 million and $290 million respectively.[7] Having initially filed for bankruptcy protection under Section 211B of Singapore's Companies Act with the High Court of Singapore on 17 April 2020,[8] Hin Leong subsequently sought for "judicial management" under independent accounting firm PricewaterhouseCoopers (PwC), which would oversee the restructuring of Hin Leong's debt.[4][9] The bid was approved on 27 April.[10]
Lim resigned from Hin Leong on 17 April while stating that he wished for his children to remain as directors of the company.[4] On 21 April, the Singapore Police Force confirmed that an investigation of Hin Leong was underway.[11] Lim was charged with forgery on 14 August.[12]
In a joint statement, the Monetary Authority of Singapore (MAS), Enterprise Singapore (ESG) and the Maritime and Port Authority of Singapore (MPA) said that they were also "closely monitoring developments related to the firm and the broader oil trading and bunkering sectors".[13]
Forza di difesa nazionale etiopeየኢፌዲሪ መከላከያ ሠራዊትEmblema della Forza di difesa nazionale etiope Descrizione generaleNazione Etiopia ServizioForze armate Dimensione150.000 attivi (2022)[1] Guarnigione/QGMinistero della difesa (Etiopia) Battaglie/guerreGuerra Adal-etiopeSpedizione britannica in AbissiniaGuerra egiziano-etiopeGuerra mahdistaGuerra d'AbissiniaGuerra d'EtiopiaSeconda guerra mondialeGuerra di CoreaGuerra d'indipendenza dell'EritreaGuerra di conf…
Elizabeth Arden, Inc.JenisAnak perusahaanDidirikan1910; 112 tahun lalu (1910) (dengan nama Red Door)PendiriElizabeth ArdenKantorpusatMiramar, Florida, Amerika SerikatTokohkunciDebra Perelman (Presiden dan CEO)ProdukKosmetik, perawatan kulit, dan parfumPendapatanUS$966,7 juta[1] (2016)Laba operasiUS$−40,9 juta[1] (2016)Laba bersihUS$−73,5 juta[1] (2016)Karyawan~1.900 (purna waktu)~500 (paruh waktu)[1] (2016)IndukRevlon, Inc.Situs webeli…
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Asset pricing theory In finance, arbitrage pricing theory (APT) is a multi-factor model for asset pricing which relates various macro-economic (systematic) risk variables to the pricing of financial assets. Proposed by economist Stephen Ross in 1976,[1] it is widely believed to be an improved alternative to its predecessor, the capital asset pricing model (CAPM).[2] APT is founded upon the law of one price, which suggests that within an equilibrium market, rational investors will…
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French engraver (1744–1831) This article is an orphan, as no other articles link to it. Please introduce links to this page from related articles; try the Find link tool for suggestions. (December 2022) Jean-Jacques Avril Jean-Jacques Avril the elder (1744–1831) was a French artist, reproductive engraver, printmaker born in Paris who made about 540 engravings, some of large dimensions. He was a pupil of Johann Georg Wille. He died in Paris in 1831.[1] His prints bear addresses in the…
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