Singapore energy trader ZenRock engaged in "dishonest practices", according to court filings made by HSBC to seek to remove the company's management and appoint auditor KPMG in charge.
Court documents seen by Fastmarkets detail what HSBC describes as "a series of highly dishonest transactions," where ZenRock used the same cargo of crude oil to obtain at least two, but potentially several, lots of financing from multiple banks. The documents allege ZenRock's "inability to raise fresh financing has exposed certain trade practices by the company which appear on their face to be shams, or at the very least, extremely suspicious.""In reality, the company has issued duplicate commercial invoices with different payment instructions, in order to raise financing from the banks for the same cargo,"...