Hin Leong collapse: No serious sectoral impact; firm faces police probe

Singapore

OIL trading giant Hin Leong Trading's (HLT) debt woes will have "no serious impact" on Singapore's oil trading and bunkering sectors, with the banking system remaining sound, said three government agencies in a joint statement on Tuesday night.

In response to media reports, Enterprise Singapore (ESG), the Maritime and Port Authority of Singapore (MPA) and the Monetary Authority of Singapore (MAS) said that they are closely monitoring developments related to HLT and the broader oil trading and bunkering sectors. The debt-hit firm is seeking a standstill from over 20 creditors to restructure whopping debts of US$4 billion.