Singapore Court of Appeal Dismisses Hin Leong's $2.6 Billion Claim Against Auditor Deloitte

MT Newswires

07/17

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.

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