Hin Leong — the oil trading giant that is now under interim judicial management — has fabricated documents on a “massive scale” to conceal losses of some US$800 million ($1.1 billion) chalked up over the past decade. “The scale and regularity of the fabrication suggests that the practice was routine and pervasive,” says the interim judicial managers Goh Thien Phong and Chan Kheng Tek of PricewaterhouseCoopers Advisory Services (PWC), in their report dated June 22.
Quoteworthy: “It’s not like we had a fight. This was perfectly amicable.” –— SoftBank Group founder Masayoshi Son, pre-empting speculation of a fallout with Alibaba Group’s Jack Ma. They are quitting each other’s boards.
Documents forged on a “massive scale” at Hin Leong to hide losses
