On 20 May, Global Trade Review reported on Singapore’s beleaguered commodities trade sector, suffering a string of high-profile company collapses and allegations of fraud. It says that the oil trading industry has been rocked by the sudden downfall of Hin Leong, founded in 1963 and which grew to become one of Asia’s largest fuel trading houses. Then another trade faced difficulties after accusations of fraud. One source quoted says that several examples of fraudulent practices have emerged in the sector. Banks have been urged to continue support for the sector despite the problems.
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