ICICI Bank confirms exposure to troubled oil trader Hin Leong; owes nearly Rs 760 cr to India's second-largest private lender

ICICI Bank is asking for authorities to impound two vessels operated by Ocean Tankers (Pte) Ltd, a unit HLT, an ICICI source said on Monday.

FP Staff April 21, 2020 17:00:46 IST
ICICI Bank confirms exposure to troubled oil trader Hin Leong; owes nearly Rs 760 cr to India's second-largest private lender

New Delhi: ICICI Bank, India’s second largest private lender, on Friday confirmed its exposure to the Singapore-based troubled oil trader Hin Leong Trading Pte Ltd (HLT) and said it is taking steps to protect its interest.

The firm owes nearly $100 million -- or nearly Rs 760 crore -- to the lender, according to news reports.

“We confirm that the Bank, in the normal course of its business, has exposure to the borrower group in question, is taking due steps to protect its interests, and will appropriately reflect the same in its financial statements, as it would do in respect of all its banking exposures,” ICICI said in a stock exchange filing.

ICICI Bank confirms exposure to troubled oil trader Hin Leong owes nearly Rs 760 cr to Indias secondlargest private lender

Representational image. Reuters.

The Bank did not elaborate the extent of its exposure and the steps it is taking to protect its interest. Reuters on Monday reported the ICICI Bank has $100 million exposure to the trader.

ICICI Bank is asking for authorities to impound two vessels operated by Ocean Tankers (Pte) Ltd, a unit HLT, an ICICI source said on Monday.

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 percent after Reuters reported ICICI's exposure to HLT. ICICI, Hin Leong and Ocean Tankers did not immediately respond to Reuters emails seeking comments.

Shares of ICICI Bank fell about 9 percent on Tuesday.

 

--With inputs from agencies

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