Singapore police raid ZenRock Commodities Trading after HSBC allegations
Topics: SINGAPORE ZENROCK COMMODITIES TRADING HSBC
The raid followed a hearing in Singapore’s High Court on Friday concerning HSBC’s application that ZenRock be placed under judicial management, the people said, asking not to be identified because they’re not authorized to speak publicly.
The Singapore police said it was “inappropriate to comment’ on the matter. Calls and messages to ZenRock’s management weren’t answered.
HSBC alleges that ZenRock was involved in a series of “highly dishonest transactions” that included the company using the same cargo of oil to obtain more than one loan from banks, according to court documents seen by Bloomberg. The bank reported ZenRock to Singapore’s Commercial Affairs Department on April 28, according to the documents. ■