From the South China Morning Post:
HSBC seeks to place Singaporean oil trader ZenRock Commodities into judicial management
- HSBC among at least 10 creditors to ZenRock Commodities
- Request to Singapore’s High Court comes after collapse of Hin Leong Trading, which sought protection from its creditors last month
Also at the SCMP:HSBC has asked a Singaporean court to place oil trading firm ZenRock Commodities Trading into so-called judicial management, where it would be managed by a third party, according to a person familiar with the matter.The request was made in a filing to Singapore’s High Court on Monday, according to the person, who was not authorised to discuss the matter publicly. HSBC is among at least 10 creditors to the firm, but not its largest, the person said.HSBC has requested that accounting firm KPMG serve as the interim judicial manager, the person said.HSBC declined to comment, while KPMG did not immediately respond to a request for comment on Wednesday.Judicial management is a form of debt restructuring, where a third party oversees the firm in favour of its existing management....MUCH MORE
Bank of China oversteps regulations in passing derivatives off as wealth management. And it’s not alone
They can be wealth management. I remember the definition used by a young master to a neophyte audience:
I about fell on the floor I was laughing so hard.Puts and Calls
I puts your money in my pocket
And you don't calls me no more.
