Singapore Court of Appeal Dismisses Hin Leong's $2.6 Billion Claim Against Auditor Deloitte
MT Newswires
Jul 17
Singapore's top court has thrown out a $2.60 billion claim brought by the liquidators of insolvent oil trading company Hin Leong Trading against its former external auditor, Deloitte & Touche, according to a judgment delivered Thursday.
A five-judge panel of the Court of Appeal allowed an appeal by Deloitte arising from a pre-trial application to strike out the suit.
Hin Leong's liquidators had argued that Deloitte's alleged audit negligence between November 2015 and mid-April 2020 prevented the company from entering liquidation earlier, causing it to incur trading losses.
The court ruled that Deloitte was not liable for the trading losses.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.