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Tankers to be impounded

The India-based ICICI Bank on April 21, 2020, seeking to impound two vessels operated by Ocean Tankers (Pte) Ltd, a unit of Singapore oil-trading company Hin Leong Trading Pte Ltd (HLT), the 'Wu Yi San' and 'Chang Bai San' carrying cargoes financed by ICICI. The bank had about $100m exposure to HLT. A court filing has claimed that HLT’s founder and director had directed his firm not to disclose hundreds of millions of dollars in losses over several years. Shares of ICICI Bank fell about 4% after Reuters reported ICICI’s exposure to HLT. Earlier this month some lenders pulled credit lines from Hin Leong amid concerns over its ability to finance its debts. It was reported to owe almost $4bn to more than 20 banks, including HSBC Holdings Plc. ABN Amro Bank NV and Société Générale SA have filed separate applications for charges with the Accounting and Corporate Regulatory Authority related to Hin Leong cargoes and receivables. The Hin Leong Ltd. hid about $800m in losses racked up in futures trading, on the orders of its founder Lim Oon Kuin, suggesting a much bigger hole in the company’s finances than thought. Lim Oon Kuin, known to many as OK Lim, has resigned from all executive roles in Hin Leong, the Xihe Group and related companies as of April 17 according to affidavits. He will also step down as director and managing director of Ocean Tankers.