The 2020 Collapses: Hin Leong, Agritrade and ZenRock: summary

Read the PDF edition (1 page)

In the first half of 2020 Agritrade International, Hin Leong Trading and ZenRock Commodities Trading collapsed amid allegations that they had obtained bank finance with falsified accounts, forged or recycled bills of lading, duplicate invoices and circular trades. Hin Leong, the largest case, sought protection on 17 April 2020 with debts of about US$3.85 billion to 23 lenders after its founder disclosed about US$800 million of hidden losses, while Agritrade owed about US$1.55 billion and ZenRock was placed under judicial management at HSBC’s request in May 2020. The criminal courts imposed exemplary sentences, twenty years for Agritrade’s chief financial officer and seventeen and a half years, reduced on appeal to thirteen and a half, for Hin Leong’s founder, while Agritrade’s founder was returned from China and charged in December 2025. In the civil courts banks that held original bills of lading or had refused payment generally succeeded, whereas banks that had paid against letters of indemnity or relied on their borrower’s receivables lost, while the claim against Hin Leong’s auditor for trading losses was struck out in July 2026. The banks and the authorities responded with an industry code in 2020, a Trade Finance Registry in 2023 and a bill of lading verification tool in 2025, a more organised response than Geneva’s voluntary industry guide, which reflects Singapore’s view of market reputation as a public asset.

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of October 2026.

English

Contact

Dr Alexander Ressos, TEP

Of Counsel, KGP Legal LLC

I am Of Counsel with KGP Legal LLC in Singapore, where I work with a global client base of successful entrepreneurs and their families, independent asset managers, commodity trading houses and other commercial clients. I am a German and Swiss attorney-at-law, also admitted as a solicitor in England & Wales and in Hong Kong. I divide my time between Zug in Switzerland, Singapore and Hong Kong. Since 2017 I have advised international clients on more than 700 crypto and digital asset projects. I also have extensive experience in cross-border litigation and arbitration in Singapore, Hong Kong and other markets in South-East Asia and Greater China.

I operate across the key financial centres in South-East Asia, the Middle East and Switzerland, with a particular focus on asset protection, international tax and estate planning, as well as trusts, company administration and other fiduciary services. My philosophy is to serve as a trusted advisor working closely with my clients and to help them achieve their commercial objectives.

All Singapore law advice is provided through KGP Legal LLC, an established and duly licensed firm of Singapore advocates and solicitors.

KGP Legal LLC is a medium-sized law firm in Singapore that is capable of providing the full range of legal services and corporate administration work. Please contact me directly at [email protected] if you need any further information.

Get in touch →

Articles and Insights

Setting up or expanding in Singapore?

SingaporeIQ is edited by Dr Alexander Ressos, an international business lawyer with more than 15 years of local experience in Singapore as a permanent resident, a Singapore registered foreign lawyer and managing partner of a Singapore foreign law practice. In addition to significant experience in cross-border investments and transactions, UHNWI private client work and sanctions/export controls, Dr Ressos has extensive experience in cross-border business and in crypto and digital-asset projects in Singapore, drawn from more than 700 projects since 2017.

If you are planning a company incorporation, an investment, a holding structure or a market entry through Singapore, you can reach Dr Ressos directly at [email protected]. Singapore law advice is provided by KGP Legal LLC, a licensed firm of Singapore advocates and solicitors. As a Singapore law practice, KGP Legal LLC is authorised under the Legal Profession Act 1966 to advise on Singapore law and to represent clients before the Singapore courts; foreign law practices with an office in Singapore are, as a rule, not permitted to do either. Dr Ressos and his team facilitate the full range of Singapore legal, compliance and company administration services, including company incorporation, corporate transactions, commercial contracts, crypto and digital assets, financial regulatory work and dispute resolution, including litigation in the Singapore courts. For legal, tax and fiduciary services in Switzerland, see helveticaregister.com.