Hin Leong forged documents to mislead banks, has 'no reasonable prospect of being restructured on its own': PwC

Published Tue, Jun 23, 2020 · 09:51 AM

INSOLVENT oil trader Hin Leong Trading has "no reasonable prospect" of being rehabilitated as a standalone company, though it may have a shot at survival if its owners support the process by committing their other family assets to the restructuring.

This was the recommendation put forth by interim judicial manager (IJM) PricewaterhouseCoopers (PwC) Advisory Services in a report on the company's current financial state. The report was submitted to the High Court on Tuesday.

Hin Leong has liabilities of US$3.5 billion that is mostly owed to banks, and assets of only about US$257 million, PwC noted.

The company also faces fraud allega…