Monday, April 20, 2020

India’s ICICI Bank Seeks To Impound Two Tankers Operated By Hin Leong Trading Subsidiary

From India's Economic Times:

ICICI seeks impounding of ships operated by HLT unit Ocean Tankers 
The tankers, Wu Yi San and Chang Bai San, were carrying cargoes financed by ICICI, the source said, adding that the bank had about $100 million exposure to HLT. According to a court filing reviewed by Reuters, HLT's founder and director had directed his firm not to disclose hundreds of millions of dollars in losses over several years....MORE
The bank's stock is getting spanked for 6% at the moment.

FT Backgrounder On Singapore's Hin Leong Trading (and some MAJOR accounting issues)