SINGAPORE (Apr 24): Hin Leong Trading, an unlisted oil trading company that last reported a turnover of US$20 billion ($28.5 bil-lion), has had its credit lines from the banks frozen. According to an affidavit dated April 17 by Lim Chee Meng, whose father, Lim Oon Kuin, or better known as OK Lim, founded and built up Hin Leong, the local banks exposure looks manageable.

As at April 9, Hin Leong had total liabilities of US$4.05 billion — of which US$3.85 billion was bank debt — versus assets of just US$714 million, implying the creditor banks would only get back 18 cents to the dollar in the most optimistic outcome. This was a far cry from its audited accounts which reported assets of US$4.56 billion.

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