‘Massive’ forgery helped hide $3 billion hole in energy trader’s books

WALL STREET JOURNAL 🔒| A distressed energy-trading company overstated its assets by more than $3 billion using “routine and pervasive” forgery, while its founder oversaw years of disastrous bets on oil derivatives, a report filed with a Singapore court said.


The study by interim judicial managers, or court-appointed independent administrators, offers the first detailed account of the implosion of Hin Leong Trading Pte. Ltd., a closely held Singapore company that owes $3.5 billion—mostly to banks, including HSBC Holdings PLC.


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