Already buffeted by ferocious storms from the Covid-19 pandemic, Singapore’s financial landscape was thrown into further disarray in April following a financial scandal at leading oil trader firm Hin Leong Group. Its founder, Lim Oon Kuin, was found to have hidden US$800 million ($1.11 billion) worth of losses, selling inventories to multiple parties and using the same cargo to obtain financing from different banks. 

Have a premium account? Sign in to continue reading.

Unlimited access to all stories from $4.99/month*

The latest reporting and analysis from business and investments to news and views on social issues.

Bonus:

  • Simultaneous logins across all devices
  • Instant access to past digital issues
  • Unlimited access to The Edge Malaysia
  • *For annual subscription plan only. T&Cs apply

SUBSCRIBE NOW