How One of Asia’s Biggest Oil Empires Collapsed

Hin Leong was one of the most powerful and secretive names in Asia’s oil trading industry. But an epic gamble by its founder Lim Oon Kuin left the Singaporean company badly exposed, eventually leading to its collapse.

#Singapore #Oil #Storylines

--------

QuickTake Originals is Bloomberg's official premium video channel. We bring you insights and analysis from business, science, and technology experts who are shaping our future. We’re home to Hello World, Giant Leap, Storylines, and the series powering CityLab, Bloomberg Businessweek, Bloomberg Green, and much more.

Subscribe for business news, but not as you've known it: exclusive interviews, fascinating profiles, data-driven analysis, and the latest in tech innovation from around the world.

Visit our partner channel QuickTake News for breaking global news and insight in an instant.

[business]

We have some exciting news! We’re launching channel Memberships for just $0.99 a month. You’ll get access to members-only posts and videos, live Q&As with Bloomberg reporters, business trivia, badges, emojis and more.

[flakgun]

Buying up all the stock to create a shortage and then selling it back at inflated prices.

A story as old as time.

[decus]

Company with bad cashflow and large amounts of debt goes bankrupt when a market disruption occurs. Colour me unsurprised.

[Ashadow]

Man, I love these short-form documentaries. Keep it up Bloomberg ^_^

[Mashburn]

Sometimes I feel like, Bloomberg is the legal version of Vice 😁

[georgehart]

The lighting for Alfred and Serene was awful! The lighting made them look gray! Jesus, Bloomberg, get some warm studio lights!

[jean-jacqueslavigne]

As the infamous Bernard Tapie used to say “you owe $100k to the bank, the bank owns you. You owe $100M to that bank, you own the bank”. That’s the thinking.

[christianphillipampoloquio]

These big companies are addicted to massive loans for huge potential earnings. This is why crashes happens it creates a chain reaction if a significant amount of companies get into trouble with their debts and actually default. They default then the banks also can default and so on. It should be a crime to use too much leveraging

[bambang]

Hin Leong will not be the last oil trader that go under in Singapore. Indonesia was their biggest market. But Indonesia now buying much less because of bio diesel. With their biggest market stop buying, its a matter of time before all these oil traders go under.

[saltymonke]

Serene's voice is so soft, it's very comforting

[samer]

“When you pray for rain, you have to deal with the mud too”…The Equaliser

[justicewarrior]

When you're a gambler and own an oil company at the same time

[andrewwong]

Both Serene and Alfred is wrong in stating that OK Lim's company lost money as a result of betting position during pandemics. In fact, court document shows they started losing money since the 2015 at the height of the oil price collapse. They only became aware when they read in the newspaper that banks are starting to pull credit. So what investigative journalism has both Serene and Alfred done?

[theaborigine]

Everything was going fine but his only mistake was he believed in someone whose business is lying people...

[TheSunMoon]

In hindsight, I think it's a blessing in disguise that I did not get a job with Ocean Tankers some years ago.. failed their interview😅

[undivided_unified]

its exhausting to see when you steal unfathomable amounts of wealth, the scumbags who stole still get to be treated like unique snowflakes.

[racistlobsterofficial]

Pretty simple really. Hin Leong has always been one of those companies that takes massive risks. The way I see it they gambled their way to the top and now they've gambled their way to rock bottom. That being said I do still hold a huge amount of respect for OK Lim for even making it to the top. Very few people can do that, especially those that come from backgrounds like his.

[sebastianniqvist]

Putting all aside I respect and admire the humble beginnings of these pioneers who with very little build empires.
There is a saying: From the fallen tree, everybody makes firewood.
Which means people only respect you when you are standing tall and successful like a majestic old tree. After you fall, the same people that smiled at you and talked about your success will be the first ones to spit on your face.

[ChoogyNet]

Their case was under reporting and hide loss. Thanks for showing this great documentary

[hojoinhisarcher]

I met him whilst in the military: Major Problem