for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Most staff depart troubled Singapore oil trader ZenRock

SINGAPORE, Oct 6 (Reuters) - Most of the staff at Singapore oil trader ZenRock Commodities Trading Pte Ltd, which has been managed by a court-appointed supervisor since May, have left, a former director at the company said.

ZenRock Commodities is one of several commodity trading firms that ran into financial trouble following the oil price collapse amid the coronavirus pandemic.

The Singapore High Court put ZenRock Commodities under interim judicial management in May after one of its creditors HSBC Holdings PLC alleged “highly dishonest transactions” at the firm. The bank made a police report.

Tony Lin Haitian, a former director and deputy general manager of the firm, told Reuters on Tuesday almost all of its staff of nearly 50 had left the firm and that many of the commercial staff have found new jobs.

ZenRock Commodities is wholly owned by ZenRock Holdings Pte Ltd which did not immediately respond to requests for comment.

KPMG, the court-appointed supervisor of ZenRock Commodities, declined to comment on the state of affairs at ZenRock and the personnel departures. Lin declined to comment on the legal proceedings.

Lin said he resigned on Sept. 1 and joined a Chinese firm, Wuchan Zhongda Utech, last week to head its oil and gas trading in Singapore. Calls to Wuchan Zhongda’s headquarters in Hangzhou city were not answered.

Business registry records from Singapore’s Accounting and Corporate Regulatory Authority showed that Lin is no longer listed as a director at ZenRock Commodities. However, he was still listed as a director of ZenRock Holdings with a 15.3% stake as of Monday.

Prior to Lin’s departure, eight of ZenRock’s staff at its middle distillates trading desk left to join Rex Commodities, a Singapore unit of Chinese commodities trader CCS Supply Chain Management Co. that primarily deals in coal, several sources told Reuters.

A senior officer at Rex Commodities did not immediately respond to requests for comment. (Reporting by Chen Aizhu and Jessica Jaganathan; Editing by Florence Tan and Raju Gopalakrishnan)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up