Head Topics

Crude crash brings down Singapore oil tycoon | Malay Mail

  • 📰 malaymail
  • ⏱ Reading Time:
  • 39 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 86%

Malaysia Headlines News

Malaysia Latest News,Malaysia Headlines

SINGAPORE, May 1 — Singapore tycoon OK 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 turmoil by the...

A view of Hin Leong’s Pu Tuo San VLCC supertanker in the waters off Jurong Island in Singapore, July 11, 2019. In a bombshell affidavit seen by AFP, Singapore tycoon OK Lim revealed his firm Hin Leong Trading had 'in truth... not been making profits in the last few years' — despite having officially reported a healthy profit in 2019.— Reuters pic

In a bombshell affidavit seen by AFP, Lim revealed the oil trader had “in truth... not been making profits in the last few years” — despite having officially reported a healthy profit in 2019. It grew into a major supplier of fuel used by ships, and its rise in some ways mirrored Singapore’s growth from a gritty port to an affluent financial hub.

“But that’s not true, he very much knows what is going on... The reality is that he has been a major risk-taker,” he told AFP.The firm’s collapse has prompted a police investigation and sent shockwaves through the financial community, with a government agency offering assurances that the city-state’s “oil-trading sector remains resilient”.“The sentiment was that Hin Leong was too big to fail.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Once a Behemoth in oil trade!

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in MY

Malaysia Latest News, Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Crude crash brings down Singapore oil tycoon | New Straits TimesNSTworld Hin Leong – meaning 'prosperity' in Chinese – is one of the biggest industry casualties yet of the crude market collapse, and its demise last month marks an ignominious fall from grace for Lim.
Source: NST_Online - 🏆 17. / 53 Read more »

Crude crash brings down Singapore oil tycoon | The Malaysian Insight‘Major risk taker’ O.K. Lim caught out by huge gamble on virus outcome.
Source: msianinsight - 🏆 8. / 63 Read more »

Equities, crude surge in Asia on hopes for virus treatmentHONG KONG (AFP): Equities rallied again on Thursday (April 30) and oil prices built on the previous day's surge as investors began to see a glimmer of light at the end of the tunnel in the fight against coronavirus, following news of a possible breakthrough in the search for a treatment.
Source: staronline - 🏆 4. / 75 Read more »

Equities, crude surge in Asia on positive reports on virus treatmentSydney, Singapore, Taipei and Jakarta piled on more than 2%. FMTNews Coronavirus
Source: fmtoday - 🏆 5. / 72 Read more »

Crude crash brings down Singapore oil tycoon | The Malaysian Insight‘Major risk taker’ O.K. Lim caught out by huge gamble on virus outcome.
Source: msianinsight - 🏆 8. / 63 Read more »

Crude crash brings down Singapore oil tycoon | New Straits TimesNSTworld Hin Leong – meaning 'prosperity' in Chinese – is one of the biggest industry casualties yet of the crude market collapse, and its demise last month marks an ignominious fall from grace for Lim.
Source: NST_Online - 🏆 17. / 53 Read more »