InvestorQ : Has there been a major fraud in one of the loan accounts of ICICI Bank pertaining to the oil industry?
Deepa Salunkhe made post

Has there been a major fraud in one of the loan accounts of ICICI Bank pertaining to the oil industry?

Answer
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Juvina Maggie answered.
5 months ago


ICICI Bank has a major exposure to the Hin Leong Trading Group of Singapore, which had recently admitted that it had concealed millions of dollars in losses. Now ICICI Bank is seeking impounding of the two vessels operated by Ocean Tankers (Pte) Ltd, a unit of Hin Leong Trading Pte Ltd (HLT), one of Singapore’s largest oil trading companies. The two tankers were carrying oil cargo financed by ICICI. ICICI Bank apparently has an exposure of $100 million to the group and markets are jittery after the group’s founder recently admitted that he had directed his firm not to disclose hundreds of millions of dollars in losses over several years. The ICICI stock was down 4% on 20 April and could stay under pressure.