SINGAPORE - Singapore’s High Court has appointed an independent supervisor to oversee the restructuring of trader Hontop Energy.
Hontop, the trading arm of Chinese independent refiner China Wanda Holding Group Co Ltd, is one of four commodity trading firms in Singapore which ran into financial trouble as the oil price crashed. CIMB is seeking repayment of $105 million it lent the company. Accounting firm RSM Corporate Advisory Pte Ltd has been named interim judicial managers following the bank’s application, according to CIMB’s law firm Rajah & Tann and the affidavit.
BP declined to comment. Freshfields Bruckhaus Deringer, BP’s legal representatives, did not respond to a request for comment. “It appears to be the case that, when applying for financing, Hontop neglected to disclose to CIMB material details about the nature of its agreement with BP,” BP said in a Feb. 20 letter to CIMB, a copy of which was appended to the affidavit.
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