Asia Roundup
Hin Leong’s $2.6 Billion Claim Against Deloitte Struck Out by Apex Court
The apex court of Singapore has struck out insolvent oil trader Hin Leong Trading’s largest claim of USD 2.6 billion against its former external auditor, The Business Times reported.
A five-judge Court of Appeal allowed an appeal by Deloitte & Touche that arose from a pre-trial application to strike out Hin Leong’s claim for trading losses.
Hin Leong had argued that it would have been put into liquidation earlier and not have incurred further trading losses, had Deloitte “not been negligent in its the conduct of its audit” and “uncovered the fraudulent or improper conduct of the Lim family” in their management of the company’s affairs.
In rejecting such contentions, the court determined that the trading losses were “not reasonably foreseeable” by the auditor when it undertook the engagement.
Mauritius Keeps Role in Indian Offshore Fundraising
Indian issuers have started using offshore financial hub Gujarat International Finance Tec-City to raise debt this year, but experts say many will still fall back on foreign jurisdictions like Mauritius, IFR reported.
ReNew Energy Global in January became the first issuer to issue bonds through GIFT City, printing a USD 600 million deal. Since then, Axis Bank and HDFC Bank have used their GIFT City treasury centres to issue offshore bonds, after the Reserve Bank of India’s measures in early June to lower foreign currency hedging costs for issuers sparked a surge in offshore bond issuance.
“GIFT City provides an incentive, but it doesn’t mean companies will stop using special purpose vehicles in other jurisdictions to raise debt,” said Shubhangi Garg, a partner at Shardul Amarchand Mangaldas & Co.
Malaysia’s Growth Unexpectedly Surges to 5.8% on Exports
Malaysia reported a surprise surge in economic growth in the second quarter as robust services and electronics exports countered the impact of the war in the Middle East, The Business Times reported, citing agencies.
Strong domestic demand and a boom in semiconductor exports have helped offset disruptions from the conflict in the Middle East, reinforcing expectations that Malaysia’s economy can remain one of Southeast Asia’s fastest-growing in 2026.
Indonesia Roundup
Prabowo’s Favored Tycoon Wants to Become Indonesia’s Richest Man
Having helped bankroll Prabowo’s 2024 campaign, Andi Syamsuddin Arsyad – who goes by the moniker Haji Isam – has fast become one of the Indonesian president’s favorite businessmen as some long-established wealthy families find themselves on the outer, Bloomberg reported.
Indonesia Coffee Chain Meets Banks for Potential IPO
An Indonesian coffee chain that counts Serena Williams and Jay-Z among its investors has held talks with banks to explore a potential listing that could value it at up to $1 billion, Wall Street Journal reported, citing people familiar with the matter.
Kopi Kenangan’s plans for an initial public offering are early-stage, and the timing and size have yet to be determined. Singapore is one of the venues the company is considering for a listing.
Acrostics Asia is an independent credit intelligence provider that connects the dots across Asian sovereigns, private credit and restructurings.