ICICI Bank seeks impounding of ships operated by HLT unit Ocean Tankers

Topics ICICI Bank

Shares of ICICI Bank fell about 4 per cent after Reuters reported ICICI's exposure to HLT. ICICI, Hin Leong and Ocean Tankers did not immediately respond to Reuters emails seeking comments.
ICICI Bank is seeking the impounding of two vessels operated by Ocean Tankers, a unit of Singapore oil-trading firm Hin Leong Trading (HLT), an ICICI source said on Monday.

 
The tankers, Wu Yi San and Chang Bai San, were carrying cargoes financed by ICICI, the source said, adding the bank had about $100 million exposure to HLT.

 
According to a court filing reviewed by Reuters, HLT’s founder and director had directed his firm not to disclose hundreds of millions of dollars in losses over several years.

 
Shares of ICICI Bank fell about 4 per cent after Reuters reported ICICI's exposure to HLT. ICICI, Hin Leong and Ocean Tankers did not immediately respond to Reuters emails seeking comments.

 



Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel