INSUBCONTINENT EXCLUSIVE:
Mumbai: ICICI Bank has a $100 million exposure to Singapore based oil trading company Hin Leon Trading Pte which has filed for bankruptcy
protection in the Singapore courts
The Mumbai based bank has lent $100 million to the company out of which $75 million is secured through investory a report by S-P owned
Hin Leong and its sister company Ocean Tankers which owns more than 100 cargo ships have both filed for bankrutpcy on Friday which will
give 30 days to restructure debt.
Hin Leong founded by Chinese billionaire Lim Oon Kuin has total debt of close to $4 billion which will
have to bw restructured.
ICICI is one of the 23 secured creditors which have lent a total of $3.64 billion to the company.
UK based HSBC
with $598 million and Dutch bank ABN Amro with $299 million are the banks with the largest exposures, according to company filings analysed
by S-P Platts.
ICICI is one of only four banks which have secured a part of their exposure to the company
Out of ICICI's $100 million exposure $75 million is secured over inventory
Other banks which have secured over inventory are RaboBank, Credit Agricole and Societe Generale
ICICI did not reply to an email seeking comment.
Banks from Singapore, Europe and China dominated exposure to the company.
Hin Leong's
collapse comes even as global crude oil prices have fallen to a two decade low due to concerns over world demand following the corona virus
US crude futures contract hitting its lowest level since 1998 at $11.04 per barrel.
Earlier news agency Reuters reported that founder Lim
in acourt affidiavit accessed by Reuters