Daily Briefing: HSBC alleges Zenrock sought multiple loans for same oil cargo; Electric motorcycles set to rev up

And HPS, GIC take over outsourcing player Atento.

From Reuters:

HSBC has alleged Zenrock Commodities Trading engaged in a series of “highly dishonest transactions” which included using the same oil cargo to obtain loans from at least two different lenders, according to a court document.

HSBC filed a court application 4 May to place Zenrock under judicial management, where the bank said that the trader has “behaved fraudulently, and engaged in double/multiple financing” in crude oil transactions that occurred in March and April.

HSBC had earlier filed a police report on 28 April with Singapore’s Commercial Affairs Department.

Zenrock owed HSBC close to $69.26m (US$49m) whilst its total debt to institutional lenders stands at around $233.24m (US$165m), HSBC said.

Read more here. 

From Channel News Asia:

Scorpio Electric and Ion Mobility are still set on revving up efforts to produce their own electric motorbikes.

This comes as Singapore relaxed its rules on electric motorcycles, allowing high-powered motorbikes with power ratings of more than 10kW to be on the roads as part of efforts to encourage the adoption of cleaner vehicles.

Scorpio Electric has expanded its premises at Teban Gardens to 7,000 sqm. The space includes offices and showrooms, as well as 4,000 sqm dedicated to a factory and warehouse.

Ion Mobility’s electric motorcycles are said to produce zero tailpipe emissions and aim to play a big part in reducing PM2.5 and greenhouse gas emissions produced.

Read more here. 

From DealStreetAsia:

A group of creditors led by sovereign wealth fund GIC and HPS Investment Partners has taken control of Latin American call centre business Atento, according to an announcement. This follows after swapping their notes for Bain Capital’s shares.

The debt-for-equity deal will give HPS a 25% stake in Atenti, whilst GIC and Farallon Investment Management will own 22% and 15%, respectively.

The deal, which will transfer nearly all of the Atento shares held by Bain Capital-controlled Luxco Pikco, is subject to regulatory approvals in Brazil and Mexico.

HPS will have the right to propose two directors to Atento’s board, whilst GIC and Farallon will each get to propose one director.

Read more here.