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Singapore trader Zenrock Commodities placed under court-appointed supervisor -HSBC

Reuters - UK Focus
Updated ·1-min read

SINGAPORE, May 8 (Reuters) - Singapore-based Zenrock Commodities Trading Pte Ltd has been placed under the management of a court-appointed supervisor following an application by HSBC Holdings, the bank told Reuters on Friday.

Zenrock did not immediately respond to a Reuters request for comment.

"The Singapore High Court granted HSBC's application for the appointment of interim judicial managers (IJM) in relation to Zenrock," a spokeswoman from HSBC said in an emailed response to a query.

Two sources with knowledge of the matter said executives from accounting firm KPMG have been appointed as IJMs of Zenrock. KPMG declined to comment.

Under so-called judicial management, a court appoints independent managers to run the affairs of a financially distressed company in place of existing management. Such moves are often seen favourably by creditors. (Reporting by Anshuman Daga; editing by Jason Neely)