SINGAPORE (June 24): Hin Leong, the oil trading giant that is now under interim judicial management, has fabricated documents on a “massive scale” to conceal losses of some US$800 million chalked up over the past decade.

The company, founded by OK Lim, who keeps a low-profile but renowned within the oil trading circle, was found to have overstated its assets by an “astonishing” sum of more than US$3 billion, says interim judicial managers Goh Thien Phong and Chan Kheng Tek of PricewaterhouseCoopers Advisory Services, in their report on June 22.

The bulk of the overstatement consists of US$2.23 billion in accounts receivables which have no prospect of recovery and another US$0.8 billion in inventory shortfalls. 

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