Singapore oil trader ZenRock placed under judicial management; raided by police
Application was heavily contested even as the troubled company faces a secured debt pile of nearly US$190 million
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Fiona Lam
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Singapore
THE Singapore High Court has granted HSBC Holdings' application to place ZenRock Commodities Trading under judicial management (JM).
KPMG's Martin Wong, Bob Yap and Toh Ai Ling were named the interim judicial managers over the troubled oil trader, following a virtual hearing on Friday spanning over six hours, during which major creditor HSBC's judicial management (JM) application was "heavily contested", The Business Times (BT) understands.
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