ICICI seeks impounding of ships operated by HLT unit Ocean Tankers: source

Commodities & Futures
© Reuters. A man speaks on the phone outside an ICICI Bank branch in Kolkata © Reuters. A man speaks on the phone outside an ICICI Bank branch in Kolkata

By Nidhi Verma

NEW DELHI/SINGAPORE (Reuters) – India’s ICICI Bank is seeking the impounding of two vessels operated by Ocean Tankers (Pte) Ltd, a unit of Singapore oil-trading company Hin Leong Trading Pte Ltd (HLT), an ICICI source said on Monday.

The tankers, Wu Yi San and Chang Bai San, were carrying cargoes financed by ICICI, the source said, adding that the bank had about $ 100 million exposure to HLT.

According to a court filing reviewed by Reuters, HLT’s founder and director had directed his firm not to disclose hundreds of millions of dollars in losses over several years.

Shares of ICICI Bank fell about 4% after Reuters reported ICICI’s exposure to HLT.

ICICI, Hin Leong and Ocean Tankers did not immediately respond to Reuters emails seeking comments.

(Additional Reporting by Seng Lipeng and Florence Tan in Singapore; Editing by Edmund Blair)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)

Commodities & Futures News

Leave a Reply

Your email address will not be published. Required fields are marked *