MUMBAI: Shares of ICICI Bank crashed 8% on Tuesday following news that it had a $100-million exposure to a trading firm Hin Leong being investigated by Singapore for irregularities, including hiding its losses. The private bank on Tuesday confirmed the exposure, stating that it is taking steps to protect its interest.
On Monday, news agencies had reported that ICICI Bank was making attempts to impound two tankers belonging to a unit of Hin Leong after news of the losses emerged. The trading firm owes global banks almost $4 billion.
According to a court filing, HLT’s founder and director Lim Oon Kuin had directed his firm not to disclose hundreds of millions of dollars in losses over several years.



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