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HSBC seeks judicial management for Zenrock Commodities Trading - sources

Published 06/05/2020, 03:21
Updated 06/05/2020, 04:05
© Reuters. FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York
HSBA
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SINGAPORE (Reuters) - HSBC Holdings PLC (L:HSBA) has filed an application to the Singapore High Court to place Zenrock Commodities Trading Pte Ltd under judicial management, three people familiar with the matter said on Wednesday.

Singapore-based Zenrock Commodities trades crude, oil products and petrochemicals.

Under judicial management, an independent judicial manager is appointed to manage the affairs of a company.

HSBC declined to comment. Zenrock did not immediately respond to requests for comment.

Just late last month, Zenrock issued a statement to reassure clients that it was not under financial duress after global oil and fuel prices slumped.

The company was founded in Singapore in 2014 by a group of traders including Xie Chun, Zenrock Commodities' president, formerly from Unipec, and Tony Lin, formerly Vitol's China head.

© Reuters. FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York

Zenrock has offices in Singapore, Shanghai and Geneva.

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