Singapore police raid oil trader after HSBC allegations

[SINGAPORE] Singapore's police force raided the office of oil trader ZenRock Commodities Trading following allegations made by HSBC Holdings that the company was involved with a number of "dishonest" transactions, according to people with knowledge of the matter.

The raid followed a hearing in Singapore's High Court on Friday concerning HSBC's application that ZenRock be placed under judicial management, the people said, asking not to be identified because they're not authorised to speak publicly.

The Singapore police said it was "inappropriate to comment' on the matter. Calls and messages to ZenRock's management weren't answered.

HSBC alleges that ZenRock was involved in a series of "highly dishonest transactions" that included the company using the same cargo of oil to obtain more than one loan from banks, according to court documents seen by Bloomberg. The bank reported ZenRock to Singapore's Commercial Affairs Department on April 28, according to the documents.

BLOOMBERG