Troubled Singapore-based oil trader ZenRock has plans to wind down its business, with employees across offices in the city-state and China set to depart by August, according to people with knowledge of the matter.....MUCH MORE
ZenRock Commodities Trading Pte Ltd. is among a handful of trading houses in the spotlight after oil’s historic plunge earlier this year, which has sparked feuds with international lenders and accusations of dishonest deals in Asia’s commodities hub.
The company is expected to hand over responsibilities to a judicial manager, said the people, who asked not to be identified as the information is private. KPMG LLP was named interim judicial manager in May, just as ZenRock was raided by police following the allegations it used the same oil cargo to obtain more than one bank loan, according to court documents seen by Bloomberg.
Those accusations form part of its tussle with HSBC Holdings Plc, which has an exposure of almost $49 million to the trader. The company owed more than $166 million to six lenders as of April 17. It traded more than 15 million tons of oil and petroleum products last year and posted a revenue of $6.15 billion in 2018, compared with $1.24 billion in 2016, based on information on the website of Singapore’s accounting regulator....
Previously:
"Singapore banks seen facing lingering default risk in oil sector"
Singapore's Hin Leong May Have Knocked Société Générale Out Of the Commodity Financing Business
ZenRock: "Singapore Oil Trader Involved in ‘Dishonest’ Deals, HSBC Says"
Commodities Traders: Following On the Hin Leong Fraud The Spotlight Turns to Singapore's ZenRock
Exhibiting none of the qualities connoted by Zen or by rock....
