Singapore police launch probe into oil trader Hin Leong

FINANCIAL TIMES 🔒| Singapore authorities have launched an investigation into Hin Leong Trading, the heavily indebted oil trader that has admitted to $800m of undisclosed losses and filed for bankruptcy protection. The probe led by the police commercial affairs department comes as lenders scramble to cut their exposure to the distressed group.  ABN Amro is the latest lender to seek to limit its losses, filing claims against Hin Leong linked to irrevocable letters of credit it issued to the company, according to filings to Singapore’s Accounting and Corporate Regulatory Authority on Friday.

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