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SINGAPORE: Singaporean shipping company Ocean Tankers, a unit of troubled oil trader Hin Leong Trading, has applied to be placed under the direction of a court-appointed supervisor, two sources with knowledge of the matter told Reuters.
The Singapore High Court will hold a hearing on an application by Ocean Tankers on Tuesday (May 12), according to a notice on the Supreme Court website. The notice gave no further details.
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Hin Leong and Ocean Tankers did not immediately respond to requests for comment.
Hin Leong, one of Asia’s leading oil traders, was placed under judicial management late last month as he seeks to restructure billions of dollars of debt.
READ: Sembcorp unit launches suit against Hin Leong affiliate over diesel deal
Hin Leong owes $ 3.8 billion (S $ 5.3 billion) to 23 banks, according to a company filing with lenders on April 14, contained in an affidavit in court documents. The affidavit was reviewed by Reuters but has not been made public.
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In the affidavit, Hin Leong founder Lim Oon Kuin, also known as O K Lim, said he had ordered the company not to disclose $ 800 million in losses for several years.
Singapore police said in April They had launched an investigation following the news of Hin Leong’s losses.
OK Lim’s son Chee Meng Lim, director of Ocean Tankers and Hin Leong, assured stakeholders in a letter dated April 15 and seen by Reuters that the shipping company was a separate entity from Hin Leong and that there was no guaranteed your debts.
Ocean Tankers, founded in 1978, manages and operates a fleet of about 100 vessels ranging from coastal barges to large crude carriers, according to the company’s website.
