The IJMs' review had looked into HSBC's allegations as well as others that had come to its attention. HSBC is the commodities firm's largest lender with an exposure of US$50 million. Five other banks are also exposed to ZenRock with just under US$100 million owing to them. They are Natixis Bank, Crédit Agricole Corporate & Investment Bank, ING Bank, Bank of China and Banque de Commerce et de Placements SA.
While Mr Lin has been"responsive" to the IJMs, the court-appointed managers said they faced challenges engaging Xie Chun, the man with the most comprehensive understanding of the firm's affairs, due to his meetings with Singapore's Commercial Affairs Department and medical leave. As at Dec 30, 2019, both entities were recorded to owe ZenRock a total of US$1.6 billion but these account receivables drastically shrank over a single day to US$136 million by way of setting off against account payables owed to the same companies. The IJMs noted that such drastic set-offs and transfers, without explanations, seemed to be a pattern for the commodities firm at the end of each financial year.
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