You have reached your limit of subscriber-only articles this month, In-depth analyses and award-winning multimedia content, Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months*. SINGAPORE (BLOOMBERG) - China Wanda Group, the parent company of Singapore-based Hontop Energy, is close to settling the troubled oil trader's disputes with two of its major lenders, according to people familiar with the negotiations. Wanda’s 280 Wanda Plazas alone created 1.2 million positions accumulatively. 315 OUTRAM ROAD, SINGAPORE (169074) www.razorsharp.com.sg   Phone: +65-62277515 Fomerly known as: SHELFORD AEROTECHNOLOGY PTE LTD • KODEC COMMUNICATIONS PTE LTD, 114 LAVENDER STREET, SINGAPORE (338729) www.finewines.com.sg   Phone: +65-63852438 Categories: Wine • Wine Merchant, 1 RAFFLES PLACE, SINGAPORE (048616) www.winerack.asia/sg   Phone: +65-31587475 Categories: Beer & Cider • Wine • Wine Merchant, 15 LITTLE ROAD, SINGAPORE (536988) www.taste.com.sg Categories: Wine • Wine Merchant, 3 TEMASEK AVENUE, SINGAPORE (039190) www.paneco.com.sg   Phone: +65-31384353 Categories: Alcoholic Beverage Retailer • Beer & Cider • Spirits (Distilled Drinks) • Wine. Emailed inquiries to Wanda Group and Hontop's judicial manager, RSM Corporate Advisory, went unanswered. Singapore bank DBS DBSM.SI, one of Hontop's creditors, has appointed accounting firm KPMG as the receiver, a KPMG official told Reuters. Hontop, a unit of China Wanda Group, buys crude oil for the group’s 100,000 barrels per day refinery in Dongying, Shandong province, operated by Tianhong Chemicals Co Ltd. We have been experiencing some problems with subscriber log-ins and apologise for the inconvenience caused. Their involvement is limited to realizing DBS’ security and to discharge DBS’ debts,” Kelvin Koh, a partner at law firm TSMP Law Corporation, acting on behalf of Hontop, said. Read more at The Business Times. The gift link for this subscriber-only article has expired. SINGAPORE (BLOOMBERG) - China Wanda Group, the parent company of Singapore-based Hontop Energy, is close to settling the troubled oil trader's … Wanda Group, or the Dalian Wanda Group, is a Chinese multinational conglomerate based in Beijing. / Unique Entity Number: 201437862C, WHOLESALE TRADE OF A VARIETY OF GOODS WITHOUT A DOMINANT PRODUCT, Top 20 Property Agency by Number of Salesperson, Accounting And Corporate Regulatory Authority. [SINGAPORE] China Wanda Group, the parent company of Singapore-based Hontop Energy, is close to settling the troubled oil trader's disputes with two of its major lenders, according to people familiar with the negotiations. With investments within Mainland China and globally, the Dalian Wanda group has investments across many industries including construction, entertainment, media, industrial manufacturing, financial services, high technology, hospitality, real estate, retail, healthcare The Business principal activity is in WHOLESALE TRADE OF A VARIETY OF GOODS WITHOUT A DOMINANT PRODUCT. Reporting by Jessica Jaganathan and Chen Aizhu; Additional reporting by Shu Zhang/Roslan Khasawneh/Jane Merriman; Writing by Florence Tan; Editing by Himani Sarkar and David Evans. Until we resolve the issues, subscribers need not log in to access ST Digital articles. Share gift link below with your friends and family. SocGen decided to close its trade commodity finance unit in Singapore after the collapse of Hin Leong Trading, which owed more than US$3 billion to over 20 Singapore and international banks. ABN Amro Bank announced it would quit commodity trade finance, while BNP Paribas is shutting its Swiss commodity trade finance business. Chinese independent refiners, or teapots, account for about 20% of China’s oil imports, but they have recently come under pressure with ample fuel supplies at home and bleak demand due to the coronavirus outbreak weighing on margins. Lim slapped with second charge of abetment of forgery. All rights reserved. LTD. • JING KING TECH HOLDINGS PTE. Our Standards: The Thomson Reuters Trust Principles. accused Hontop of fabricating documents and suspicious transactions. The Business current operating status is live with registered address within the LINK (THM) BUILDING estate. Wanda has been the employer that creates the most jobs in China for 10 consecutive years. Bring your memories to live with Printwich. But a log-in is still required for our PDFs. “China Wanda Group maintains a positive outlook on the future growth of its oil refinery business in China,” he added. Shandong-based conglomerate China Wanda is in advanced talks with DBS Bank and Societe Generale, and has agreed to pay the outstanding debts on behalf of Hontop Energy (Singapore) via its other subsidiaries, said the people, who asked not to be identified as the talks are private. If successful, the Hontop deal could mark the first significant settlement amid a wave of disputes this year between trading houses and their lenders. The Happiest Print Store Around. Banks have been struggling to collect debts from failed commodities traders after oil's collapse exposed financial shortfalls and sparked accusations of fraud and dishonest dealings. The receiver has been appointed over specific charged assets which mainly relate to one trade transaction financed by DBS. LTD. was incorporated on 22 December 2014 (Monday) as a Private Company Limited by Shares in Singapore. It is a private property developer and owner of Wanda Cinemas and the Hoyts Group, as well as a minority shareholder of AMC Theatres. Visit www.printwich.com to find out more. Dalian Wanda Group, controlled by Chinese billionaire Wang Jianlin, is embarking on an ambitious plan in the Greater Bay Area by tapping into the tourism potentials of Zhaoqing city in southern Guangdong province.. Hontop, which went into receivership in February, was placed under judicial management earlier this month by a Singapore court. See here for a complete list of exchanges and delays. SINGAPORE (Reuters) - Hontop Energy (Singapore) Pte Ltd, the trading arm of a Shandong-based refiner, has gone into receivership, according to its business profile on the website of Singapore’s accounting and corporate regulator. LTD. 1 TAMPINES NORTH DRIVE 1, SINGAPORE (528559) swiftcomtechnology.com   Phone: +65-66028170, Registration No. Hontop typically buys Russian, Angolan and Brazilian crude. Hontop last issued a tender in October, said a Singapore-based trader who regularly participates in its tenders. You can read this subscriber-only article in full, All done! All quotes delayed a minimum of 15 minutes. SocGen said by email on Thursday (Sept 24) that it's "not in a position to comment", while DBS declined to comment. Hontop, which bought crude oil on behalf of an affiliated Chinese private refiner, Shandong Tianhong Chemical, said in March that its financial difficulties were caused by a collapse in demand because of the coronavirus. They can read the article in full after signing up for a free account. , one of Hontop's creditors, has appointed accounting firm KPMG as the receiver, a KPMG official told Reuters. “Hontop continues to be run by the existing management. Its outstanding debts totaled US$469 million (S$644.2 million) to seven lenders as of February, of which US$33.2 million was to DBS and US$63.3 million to SocGen, a general manager at Hontop said in an affidavit. Hontop, a unit of China Wanda Group, buys crude oil for the group’s 100,000 barrels per day refinery in Dongying, Shandong province, operated by Tianhong Chemicals Co Ltd. China Wanda Group, which also owns petrochemical, electric cables and property businesses, has no relation with the conglomerate Dalian Wanda Group. No. 4 AYER RAJAH CRESCENT, SINGAPORE (139960) aderaglobal.com   Phone: +65-67752555 Fomerly known as: PROJ S PTE. The Singaporean units of lenders CIMB Bank and Natixis have also accused Hontop of fabricating documents and suspicious transactions. 509B BEDOK NORTH STREET 3, SINGAPORE (462509), 293A BUKIT BATOK STREET 21, SINGAPORE (651293), 2 KALLANG PUDDING ROAD, SINGAPORE (349307), 293A BUKIT BATOK STREET 21, SINGAPORE (651293) Phone: +65-84988302. Reuters reported earlier this week that banks have suspended credit lines for some of these teapots amid rising concerns about overall industrial defaults. The turbulence has pushed banks to rethink commodity financing. In 2018, Wanda Group created 202,000 new jobs in service sector, with 95,000 jobs for college students, accounting for 1.5% of the nation’s new jobs created in the same year. The allegations span four separate oil deals involving the three same companies: Hontop, Sugih Energy International, and oil major BP. The turmoil exposed the risks of financing the opaque business of moving raw materials around the world, and rocked the close-knit oil trading community in Singapore, one of the world's most important commodity hubs. CIMB alleges Singapore-based oil trader Hontop Energy made 'suspicious' deals, Chinese oil trader Hontop Energy goes into receivership in Singapore, Hin Leong founder O.K.