SINGAPORE (REUTERS) - HSBC Holdings has filed an application to the Singapore High Court to place Zenrock Commodities Trading Pte Ltd under judicial management, three people familiar with the matter said on Wednesday (May 6).. Read more at straitstimes.com.
SINGAPORE - HSBC Holdings has filed an application to the Singapore High Court to place Zenrock Commodities Trading Pte Ltd under judicial management, three people familiar with the matter said on Wednesday .Under judicial management, an independent judicial manager is appointed to manage the affairs of a company.The news follows the collapse of Singapore oil trader Hin Leong Trading, which last month was placed under interim judicial management with debts of some US$4 billion to over 20 banks.
Just late last month, Zenrock issued a statement to reassure clients that it was not under financial duress after news of Hin Leong's troubles amid the rout in global oil and fuel prices.
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