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Singapore police raid oil trader after HSBC allegations

Police raid Singapore's ZenRock Commodities Trading following allegations made by HSBC that the company was involved in "dishonest transactions."

Photo: Edgar Su/Reuters/Ritzau Scanpix

The turmoil engulfing Singapore’s oil trading community deepened on Friday as the country’s police force raided the office of ZenRock Commodities Trading Pte Ltd. following allegations made by HSBC Holdings Plc that the company was involved with a number of “dishonest” transactions.

The raid comes just weeks after the implosion of legendary fuel trader Hin Leong whose founder said the company hid millions in losses and secretly sold some of the oil inventories it had pledged as collateral for loans.

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