Tag: crude oil

Hin Leong Trading directors risk lawsuits over hidden losses

Some directors of troubled Singaporean firm Hin Leong Trading are facing potential lawsuits over the cover-up of US$800 million (S$1.1 billion) of losses, which is considered a serious lapse in corporate governance. The oil trader’s founder, Lim Oon Kuin (OK Lim), said he had ordered...

Stocks and oil advance as nations begin to slowly reopen

Equities and crude rallied Tuesday as investors cheered a further easing of lockdowns in some countries, which offset a brewing row between the US and China that some fear could see them renew their trade war. While the death toll from the coronavirus passed 250,000...

Crude crash brings down Singapore oil tycoon

by Martin Abbugao Singapore tycoon O.K. Lim built up his oil empire from a single-truck outfit through hard work and high-risk gambles, a rags-to-riches tale that made him a legend among crude traders. But it all came crashing down when oil markets were plunged into unprecedented...

Singapore police probe oil trading giant

Singapore has launched a probe into an oil trading firm that allegedly covered up hundreds of millions of dollars in losses, police said Tuesday. Hin Leong Trading has been a major force in oil markets for decades and its predicament highlights the fallout from weeks...

Steep weakness of the ringgit the cause of Malaysia’s high inflation

While higher oil prices are being seen as the catalyst behind the significant spike in inflation, the price of oil has resumed its weakness in international markets and this should feed through to local price pressures if higher oil prices are indeed the reason...