Exclusive: CIMB alleges 'suspicious' Hontop Energy oil deals with BP - affidavit [Reuters]
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Source: Reuters
Exclusive: CIMB alleges 'suspicious' Hontop Energy oil deals with BP - affidavit SINGAPORE (Reuters) - Singapore’s High Court has appointed an independent supervisor to oversee the restructuring of trader Hontop Energy. The move came after Malaysian lender CIMB, its biggest creditor, raised concerns about what it described as ‘suspicious’ deals involving oil major BP ( BP.L ), according to an affidavit filed with the court this week and reviewed by Reuters. Hontop, the trading arm of Chinese independent refiner China Wanda Holding Group Co Ltd, is one of four commodity trading firms in Singapore which ran into financial trouble as the oil price crashed. CIMB is seeking repayment of $105 million it lent the company. In the affidavit requesting the appointment of an independent supervisor to run Hontop’s affairs, CIMB Bank Berhad ( CIMB.KL ) detailed how it lent Hontop the money to finance two crude oil deals late last year in a section entitled ‘Suspicious transactions’. In total,
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