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Oil trading troubles could jack up borrowing costs

Oil collapse flushing out suspect deals, casting doubts on reliability of corporate guarantees, putting more stress on smaller players

Published Mon, Jun 22, 2020 · 09:50 PM
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Singapore

THE collapse in oil prices and the Covid-19 outbreak are exposing questionable practices in the Singapore oil trading industry that could exact a heavy toll on borrowing costs as banks get burnt.

The most high-profile case so far is oil trading giant Hin Leong, which was found to have hidden about US$800 million in losses. Another oil trader ZenRock Commodities has been accused by its creditors for transactions that have been alleged as "dishonest".

KEYWORDS IN THIS ARTICLE

Covid-19
Hin Leong

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