Hin Leong's O K Lim 'not given chance' to respond: family

Singapore

THE boss of stricken oil trading firm Hin Leong Trading was not given a "reasonable opportunity" to respond to fraud allegations laid out in a recent report by PricewaterhouseCoopers (PwC) Advisory Services, his family said in a press statement on Thursday night.

PwC, the court-appointed interim judicial manager (IJM) for Hin Leong, alleged in a report filed with the Singapore High Court on Tuesday that the company had misled banks into lending it money. The oil trader also overstated its assets by at least US$3 billion and used fictitious profits to hide US$808 million in trading losses over the last 10 years, PwC alleged.