Hin Leong's $3.4b claim against Deloitte struck out
Singapore's Court of Appeal has dismissed a $3.4 billion claim by the insolvent oil trader Hin Leong against its former auditor, Deloitte. The court ruled that the auditor could not have reasonably foreseen the company's trading losses or fraudulent activities.
Why it matters
This ruling clarifies the legal boundaries of auditor liability, reinforcing that auditors are not responsible for the trading strategies or insolvency of their clients.
The Court of Appeal has determined that Hin Leong’s trading losses were “not reasonably foreseeable” by Deloitte when it undertook the engagement.
The report is a straightforward summary of a legal judgment, focusing on the court's reasoning and the outcome of the case.
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