The Straits Times·4 min read·hard
Hin Leong's $3.4b claim against Deloitte struck out
✦AI Summary
Singapore's Court of Appeal has dismissed a $3.4 billion claim by the insolvent oil trader Hin Leong against its former auditor, Deloitte. The court ruled that the auditor could not have reasonably foreseen the company's trading losses or fraudulent activities.
The Court of Appeal has determined that Hin Leong’s trading losses were “not reasonably foreseeable” by Deloitte when it undertook the engagement.
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