PwC, two law firms could earn S$17m in fees to rescue troubled Hin Leong

PRICEWATERHOUSECOOPERS (PwC) and legal firms Rajah & Tann and Drew & Napier could pocket up to S$17.3 million in fees from the court-supervised bid to rescue debt-hit Hin Leong Trading (HLT), say court documents.

Some insolvency players say the sum (including actual and projected fees) is a sweet one for work on the case involving Singapore's largest oil trader that has been brought to its knees by an oil slump and fraud allegations.

Of the S$17.3 million, more than half - S$10 million - is charged to PwC Advisory Services, whose executives Goh Thien Phong and Chan Kheng Tek were appointed by the Singapore High Court as interim judicial managers in April, and as judicial managers (JMs) last month.