Oil trader ZenRock to wind down in August: report

The company is expected to hand over responsibilities to a judicial manager.

Troubled Singapore-based oil trader ZenRock has plans to wind down its business, with employees across offices in the city-state and China set to depart by August, according to people with knowledge of the matter.

ZenRock Commodities Trading Pte is amongst a handful of trading houses in the spotlight after oil’s historic plunge earlier this year, which has sparked feuds with international lenders and accusations of dishonest deals in Asia’s commodities hub.

The company is expected to hand over responsibilities to a judicial manager, said the people, who asked not to be identified as the information is private. KPMG LLP was named interim judicial manager in May, just as ZenRock was raided by police following the allegations it used the same oil cargo to obtain more than one bank loan, according to court documents seen by Bloomberg.

Those accusations form part of its tussle with HSBC Holdings Plc, which has an exposure of almost $49 million to the trader.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia