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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Touche, according to a judgment delivered Thursday.</p><p>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.</p><p>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.</p><p>The court ruled that Deloitte was not liable for the trading losses.</p></body></html>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GAB.SI","symbol_name":"Amova STI ETF S$A","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2652474863","we_media_id":"1060499803","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2652474863","pubTimestamp":1784262617,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"MT Newswires","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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