Tuesday, April 21, 2020

ICICI Bank's exposure to Ocean Tankers is likely to turn bad

ICICI Bank has issued notices to impound two vessels operated by Ocean Tankers, a unit of the troubled Singapore oil-trading company Hin Leong Trading.

ICICI Bank, which has about $100 million exposure to HLT, has issued writs against the vessels Wu Yi San and Chang Bai San.

According to S&P Global Platts, a provider of energy and commodities information, Hin Leong Trading's founder Lim Oon Kuin has been blamed for financial mismanagement and reselling of inventory that was used as banking collateral, causing losses running into billions of dollars, in a court filing by his son Lim Chee Meng. Hin Leong has suffered $800 million in unaccounted derivatives losses .

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