Ocean Tankers chief executive Evan Lim sent a letter to customers last Wednesday, assuring them that the company was unaffected by Hin Leong’s debt restructuring.
By Friday evening, a different story had emerged. Lim admitted in his affidavit filed with the High Court of Singapore that Hin Leong’s financial woes had heavily affected the company he leads.
He said that Ocean Tankers remained a solvent company with a healthy cash balance, but that the actions of Hin Leong put it in grave danger of being held accountable for the oil trader’s debts.
