Hin Leong's judicial manager offers sale of Singapore bunkering, lubricant supplier
SINGAPORE (Reuters) - PricewaterhouseCoopers (PwC), the court-appointed judicial manager of the Singapore oil company Hin Leong Trading (Pte) Ltd, has announced in local media the sale of an "independent bunker fuel and lubricant supplier in Singapore". .
"The company can look back on more than 40 years of success and offers ships in Singapore bunker services and high-quality bunker fuels," said the press release. It also has its "own brand of lubricant".
The notice released on October 1 also stated that the company's majority shareholder attempted to sell its stake in the company pending regulatory approval and that expressions of interest should be sent to Goh Thien Phong of PwC, Chan Kheng Tek, and Lie Kok Keong until October 15th.
Goh and Chan became LDS court-appointed judicial managers after it was revealed in April that the oil trader was involved in widespread and long-running fraud.
PwC did not respond to an email request for comment and could not be reached by phone.
HLT's subsidiaries include the bunker supplier Hin Leong Marine International Pte Ltd (HLMI), founded in 1975, and Ocean Bunkering Services Pte Ltd (OBS), founded in 1978.
The oil trader also operates a lubricant blending plant in Singapore with a capacity of 50,000 tons per year, which, according to the company's website, has its own brand "HL Universal".
"It's pretty obvious (it's) Hin Leong - no other company here bunkers and physically smears here," said a Singapore-based bunker dealer, referring to the announcement.
OBS and HLMI did not respond to email requests for comment and phone calls went unanswered.
In 2019, OBS was the third largest marine fuel supplier in Singapore and HLMI was ranked 17th according to the city-state's Maritime and Port Authority.
Singapore is by far the world's largest bunker hub. Around 50 million tons of marine fuel worth billions of dollars are sold annually.
(Reporting by Roslan Khasawneh, Anshuman Daga and Jessica Jaganathan; Editing by William Mallard)
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