Troubled oil trader ZenRock's IJMs uncover doubtful, 'unusually large cash transactions'
THE interim judicial managers (IJMs) of Singapore's troubled ZenRock Commodities Trading have uncovered hundreds of "questionable" transactions involving duplicate sales invoices, as well as multiple back-to-back "side transactions" and "unusually large cash transactions" following a scrutiny into the trader's affairs.
Over the past two years, ZenRock conducted more than 200 transactions in which the same sales invoice with identical sales contracts were provided to obtain two sets of letter-of-credit (LC) financing for essentially the same transaction, says a damning report by KPMG's Martin Wong, Bob Yap and Toh Ai Ling, the court-appointed IJMs for ZenRock.
The IJM report was submitted in the Singapore High Court on Monday in a hearing that lasted under an hour before judge Pang Khang Chau. Sarjit Singh Gill SC and Daniel Tan from Shook Lin & Bok were lead counsel for HSBC.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Anglo rejects BHP takeover bid as significantly undervalued
India rice prices at three-month low on shrinking demand
Gold prices set for weekly decline ahead of US inflation data
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply
Oil settles higher as weak US economic growth offset by supply concerns
India's Vedanta misses Q4 profit estimates on lower prices