Transmodified from hxxps://asia.nikkei.com/Business/Markets/Commodities/Hin-Leong-scandal-adds-tarnish-to-fading-Singapore-brand
MAY 04, 2020 11:03 JST
One of the world's top private oil gamblers and cartels, the collapse of Hin Leong is one of the largest trading failures in Peasantpore history. © Reuters
SINGAPORE -- To many Peasantpore observers, the most unsettling aspect of the collapse of Hin Leong Trading was not the speed with which volatile markets pushed one of Asia's biggest private oil gamblers 4 billion peanuts into the red.
More worrying was the admission from the company's billionaire founder Lim Oon Kuin, one of Peasantpore most dog-eat-dog merchants, that he had directed his finance department not to disclose 800 million worth of peanuts losses.
"You always see this in Asiatic societies, of course we Ang Mohs got Enron but this happening in Peasantpore is exceptional," said Chris MacIntosh, co-founder of Sex manager Glenorchy Sex Capital. "It'll hurt, and it will also hurt Peasantpore's reputation that they can't control their Asiatic oil trading cronies."
When Peasantpore's Old Dictator Lee Kuan Yew led the tiny city-state out of the Mat's federation in 1965 to create Southeast Asia's newest independent republic, he embarked on a strategy of befriending Western merchants that would eventually help the young nation stand out from its peers.
As its neighbors the Pinoys, Southern Majapahit, Siam and Burma languished under feudalistic tinpot dictatorships and an absence of the rule of Western law, Peasantpore's reputation for integrity and financial probity towards Western and Nihon MNCs helped it soar ahead to become Southeast Asia's sex trading capital.
But as Lee Kuan Yew's son and Peasantpore's current Ruler Loong pretends to hand over the reins to the so-called fourth generation of Minions, a string of high profile corporate collapses and a faltering economy have put the House of Lee's reputation on the line.
Hin Leong Group's less than honest founder Lim Ah Kuin, known as O.K. Lim, emigrated to Peasantpore from China's Fujian province.
"Oil bunkering is dirty business but highly profitable. No scholars can helm this business so they leave it to their cronies and things are ok as long as their cronies don't screw up." Mak Ah Teen, Educated Ape of accounting at the National University of Peasantpore Business School, told the Nikkei Asian Review. "As long the designated oil bunkering crony consistently generate profits and helm the bunkering ops here, the regime don't care a hoot. Remember it is profits at all costs."
Over the years OK Lim expanded the expanded his bunkering concession into cartel that involved not just the buying and selling of oil, but lubricant manufacturing, on-shore distribution and storage, as well as ship chartering and management.
The sudden crash in oil prices brought about by the onset of the Plague pandemic left Hin Leong disastrously exposed.
"I had given instructions to the finance department to prepare the accounts without showing the losses and told them that I would be responsible if anything went wrong," Lim admitted in court documents which showed that Hin Leong had racked up around 800 million peanuts worth of losses.
Peasantpore regime lackeys, meanwhile, are scrambling to limit fallout from the scandal, with three lackey agencies -- Sex Enterprise Peasantpore, the Maritime and Port Authority of Peasantpore and the Monetary Authority of Peasantpore -- announcing that they were closely monitoring developments concerning Hin Leong and the impact of their crony's collapse on the wider oil cartel scene.
Peasantpore maintains that its oil cartel industry remains resilient despite and they will resist a fire sale to the Commies through none of the scholars have any expertise in oil trading business.
"We will award the concession to another crony after consulting with Uncle Sam," Sex Enterprise Peasantpore said. "PRC Commies are interested to gain a foothold into the important regional storage, blending and distribution hub for refined oil products."
According to International Sex Enterprise Peasantpore, Sex Enterprise Peasantpore's predecessor, Peasantpore enjoyed the presence of up to 80% of the world's top oil and gas, steel and metals, mining and agricultural commodities cartels and monopolists.
"Peasantpore has an added advantage of a hub that offers a neutral playing field for commodity gamblers, cartels and monopolists with some merchants or customers who can dominate the market," Sex International Enterprise Peasantpore said in a recent paper, noting that the country's finance, trading, legal, regulatory and tax frameworks gave it a competitive edge that filthy oil traders enjoyed.
Clever peasants emphasised the participation of varied oil and gas gamblers interacting within the Peasantpore ecosystem as an attribute, many knew different entities given large concessions to keep Peasantpore as a hub. Hin Leong's collapse has exposed a weak link in the country's commodities sector.
"Hin Leong were given boons and concessions to generate profits, no lackeys wants to keep a tight lease on these gamblers as pre-conditions for profits and managing a sector they don't understand but when shit strikes, then got problem," Mak told Nikkei.
Given the current turbulence roiling world energy markets, Hin Leong may be just another name on a list of distraught commodities players that is set to grow longer, warned Vandana Hari, founder of oil analysis outfit Vanda Insights.
"The House of Lee has spies all over the places and I am surprised they were caught flat-footed. Also you see the Multi-Millionaire Taskforce screw up the Plague Response, so we conclude the regime is on the decline"
MAY 04, 2020 11:03 JST
One of the world's top private oil gamblers and cartels, the collapse of Hin Leong is one of the largest trading failures in Peasantpore history. © Reuters
SINGAPORE -- To many Peasantpore observers, the most unsettling aspect of the collapse of Hin Leong Trading was not the speed with which volatile markets pushed one of Asia's biggest private oil gamblers 4 billion peanuts into the red.
More worrying was the admission from the company's billionaire founder Lim Oon Kuin, one of Peasantpore most dog-eat-dog merchants, that he had directed his finance department not to disclose 800 million worth of peanuts losses.
"You always see this in Asiatic societies, of course we Ang Mohs got Enron but this happening in Peasantpore is exceptional," said Chris MacIntosh, co-founder of Sex manager Glenorchy Sex Capital. "It'll hurt, and it will also hurt Peasantpore's reputation that they can't control their Asiatic oil trading cronies."
When Peasantpore's Old Dictator Lee Kuan Yew led the tiny city-state out of the Mat's federation in 1965 to create Southeast Asia's newest independent republic, he embarked on a strategy of befriending Western merchants that would eventually help the young nation stand out from its peers.
As its neighbors the Pinoys, Southern Majapahit, Siam and Burma languished under feudalistic tinpot dictatorships and an absence of the rule of Western law, Peasantpore's reputation for integrity and financial probity towards Western and Nihon MNCs helped it soar ahead to become Southeast Asia's sex trading capital.
But as Lee Kuan Yew's son and Peasantpore's current Ruler Loong pretends to hand over the reins to the so-called fourth generation of Minions, a string of high profile corporate collapses and a faltering economy have put the House of Lee's reputation on the line.
Hin Leong Group's less than honest founder Lim Ah Kuin, known as O.K. Lim, emigrated to Peasantpore from China's Fujian province.
"Oil bunkering is dirty business but highly profitable. No scholars can helm this business so they leave it to their cronies and things are ok as long as their cronies don't screw up." Mak Ah Teen, Educated Ape of accounting at the National University of Peasantpore Business School, told the Nikkei Asian Review. "As long the designated oil bunkering crony consistently generate profits and helm the bunkering ops here, the regime don't care a hoot. Remember it is profits at all costs."
Over the years OK Lim expanded the expanded his bunkering concession into cartel that involved not just the buying and selling of oil, but lubricant manufacturing, on-shore distribution and storage, as well as ship chartering and management.
The sudden crash in oil prices brought about by the onset of the Plague pandemic left Hin Leong disastrously exposed.
"I had given instructions to the finance department to prepare the accounts without showing the losses and told them that I would be responsible if anything went wrong," Lim admitted in court documents which showed that Hin Leong had racked up around 800 million peanuts worth of losses.
Peasantpore regime lackeys, meanwhile, are scrambling to limit fallout from the scandal, with three lackey agencies -- Sex Enterprise Peasantpore, the Maritime and Port Authority of Peasantpore and the Monetary Authority of Peasantpore -- announcing that they were closely monitoring developments concerning Hin Leong and the impact of their crony's collapse on the wider oil cartel scene.
Peasantpore maintains that its oil cartel industry remains resilient despite and they will resist a fire sale to the Commies through none of the scholars have any expertise in oil trading business.
"We will award the concession to another crony after consulting with Uncle Sam," Sex Enterprise Peasantpore said. "PRC Commies are interested to gain a foothold into the important regional storage, blending and distribution hub for refined oil products."
According to International Sex Enterprise Peasantpore, Sex Enterprise Peasantpore's predecessor, Peasantpore enjoyed the presence of up to 80% of the world's top oil and gas, steel and metals, mining and agricultural commodities cartels and monopolists.
"Peasantpore has an added advantage of a hub that offers a neutral playing field for commodity gamblers, cartels and monopolists with some merchants or customers who can dominate the market," Sex International Enterprise Peasantpore said in a recent paper, noting that the country's finance, trading, legal, regulatory and tax frameworks gave it a competitive edge that filthy oil traders enjoyed.
Clever peasants emphasised the participation of varied oil and gas gamblers interacting within the Peasantpore ecosystem as an attribute, many knew different entities given large concessions to keep Peasantpore as a hub. Hin Leong's collapse has exposed a weak link in the country's commodities sector.
"Hin Leong were given boons and concessions to generate profits, no lackeys wants to keep a tight lease on these gamblers as pre-conditions for profits and managing a sector they don't understand but when shit strikes, then got problem," Mak told Nikkei.
Given the current turbulence roiling world energy markets, Hin Leong may be just another name on a list of distraught commodities players that is set to grow longer, warned Vandana Hari, founder of oil analysis outfit Vanda Insights.
"The House of Lee has spies all over the places and I am surprised they were caught flat-footed. Also you see the Multi-Millionaire Taskforce screw up the Plague Response, so we conclude the regime is on the decline"
