Hin Leong sues Deloitte for mismanagement
Deloitte Touche Tohmatsu Limited is being sued by one of its clients for incompetence.
Singapore-based oil trading company, Hin Leong Trading Ltd, is pointing accusatory fingers at Deloitte, a multinational auditing firm that had been auditing the company’s financial books for more than a decade.
The lawsuit filed against Deloitte by Hin Leong states that the company has a debt of $3.5 billion payable to multiple individuals due to Deloitte’s mismanagement and failure to pinpoint issues in its financial statements which led up to the omission of the recording of the loss of $808 million.
Deloitte declined to tell their own side of the story as the case is already before the court of law. However, the prestigious audit firm claims that its dealings and auditing of the financial books of Hin Leong’s financial books in more than ten years has been carried out with the highest quality of audit and compliance.
The hearing has been scheduled for the case between Deloitte and Hin Leong before the court of law but the precise date was not disclosed.
