The Court of Appeal has struck out Hin Leong's $3.4b (US$2.6b) claim against former auditor Deloitte.
Two other heads of loss remain in the oil trader’s suit. The Court of Appeal has struck out Hin Leong Trading’s $3.4b claim against former auditor Deloitte for losses incurred as the oil trader continued operating before its collapse in 2020.
In a written judgment dated 16 July, the court allowed Deloitte’s appeal in part, ruling that the firm could not be held liable for the trading losses because they were too far removed from its auditing role. Two other heads of loss remain in Hin Leong’s suit, involving $116.2m in dividends allegedly wrongfully declared by theThe company, which is in compulsory liquidation, alleged that the auditor failed to detect material misstatements and irregularities in its financial statements for the financial years 2014 to 2019.
It argued that a proper audit would have exposed its insolvency earlier, forcing it to cease operations and preventing further losses between November 2015 and mid-April 2020. The court, however, said that the firm had no involvement in Hin Leong’s trading strategies or individual transactions and was not engaged to advise the group on how to run its business.
It also noted that the losses came from new trades entered into over several years, rather than from a single ongoing loss-making contract. For the appeal, the court assumed Hin Leong’s allegations were true and considered only whether the $3.4b in trading losses could be recovered from the auditor.
It also declined to decide whether the former auditor had a separate duty to consider creditors’ interests, finding that the question was academic and not appropriate for summary determination in the appeal. A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes.
The shape of it depends on what you're trying to do. The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.
We'll tell you honestly whether we can help, and how. It's a better use of everyone's time. Singapore food firms move muscle abroad, keep brains localStrengthen business resilience through strategic trade credit protection with NCIEconomy
Please follow us on Google to support usSingapore Latest News, Singapore Headlines
Similar News: You can also read news stories similar to this one that we have collected from other news sources.
Singapore couple wins termite damage lawsuit against condo managementA Singapore court has ruled in favor of a couple who sued their condominium management for termite damage, awarding them over S$53,000 in total compensation. The judgment found that the management corporation failed in its duty to maintain common property by not preventing subterranean termite nests in the soil. This case is believed to be the first reported on management's duty regarding termite prevention.
Read more »
Air India crash probe enters final stages after cockpit recorder, psychology reviewsNEW DELHI — India's aircraft accident investigating body has prepared a cockpit voice recorder transcript, conducted a psychological autopsy and moved into the final stages of its probe into last year's deadly Air India crash, a court filing showed.
Read more »
Chief Justice Sundaresh Menon to Retire in 2027; Justice Sushil Nair to Succeed as Singapore's Fifth Chief JusticeSingapore's Prime Minister's Office announced that Chief Justice Sundaresh Menon will retire on February 26, 2027, after over 14 years of service. Justice Sushil Sukumaran Nair, currently a Court of Appeal Justice, will succeed him as the nation's fifth Chief Justice. The announcement highlighted the transformative reforms under CJ Menon, including digital transformation, the Appellate Division's creation, and the therapeutic justice approach in family and youth courts. Justice Nair, a former top commercial lawyer, brings a 35-year legal career and recent judicial experience to the role.
Read more »
Shanmugam, Tan question Bloomberg's response to defamation rulingHome Affairs Minister K. Shanmugam and Manpower Minister Tan See Leng issued separate statements on July 17 responding to Bloomberg's comments following the High Court's defamation ruling. Bloomberg's response that it respects the High Court's ruling while standing by the accuracy of its reporting is difficult to reconcile, the two ministers said. They pointed out that the two positions - of accepting the judgement but insisting that the reporting was accurate - are difficult to reconcile. The ministers also stated that the case is not about press freedom, but rather, whether a news organisation can 'maliciously target individuals, publish grave allegations founded on falsehoods, and deny those accused a fair opportunity to respond'.
Read more »