A slide presentation made by Hin Leong for creditors before it went to court showed the company had total liabilities of $4.05 billion against assets of $714 million.
Bank debts of $3.85 billion comprised the lion’s share of its liabilities — with large sums owed to lenders including HSBC, Dutch bank ABN Amro and France’s Societe Generale.
Hin Leong is more valuable than SIA, as this is just a temporary crisis caused by the collapse of oil but will return to great profitablility after 6 months, which the price of oil will return to US$40-US$50 per barrel, but the price of oil has no connections as Hin Leong ‘s business is the transportation of oil depending on it’s network of ships, once oil price is sustainable profit’s from Hin Leong’s business will also be profitable, and the long term view over 10 years is that it will be more profitable than SIA, Singapore govt is throwing billions to save SIA, while Hin Leong goes under everybody’s nose. Just the investments in Jurong petrochemical processing business is in trillions, the Government is either blind or stupid to ensure the profitability of the entire supply chain, no wonder they are losing trillions in investments.
Contributed by Oogle.