SINGAPORE - More than 270 letters of credit facilities were allegedly used by Hin Leong to get billions of dollars in financing, although in some cases, there was no underlying cargo to secure the funding, the interim judicial managers said.
There are 23 banks exposed to Hin Leong for more than US$3.5 billion (S$4.9 billion). This amount includes bank financing that had been granted under 273 import letters of credit facilities that were supposedly used by the company to fund the purchase of cargo from various suppliers, PricewaterhouseCoopers (PwC) said in a report filed on Monday (June 22) in Singapore's High Court.
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