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Buying up all the stock to create a shortage and then selling it back at inflated prices. A story as old as time.

@Deriv44

3 жыл бұрын

I am sorry when someone say a story as old as time I keep thinking of Beauty and the Beast but yea manipulation of the market always a go to for anyone who can do it

@sokol7215

3 жыл бұрын

@@julianhaddad1431 wow , everybody knows that 1000$ are not enough for a manipuilation. What's the point of you comment ? Maybe you feeling smart ? Congratulations

@LudosErgoSum

3 жыл бұрын

My greatest grandfathers mammoth futures didn't really pay off though - I work at Walmart now.

@wifinebeng8777

3 жыл бұрын

and perhaps with a team of spies?.....

@esthershodimu6758

3 жыл бұрын

Well I met him at a meeting conference trading with him has been a game changer for me

Company with bad cashflow and large amounts of debt goes bankrupt when a market disruption occurs. Colour me unsurprised.

@luckylove72

3 жыл бұрын

Stop noticing.

@aryeh24

3 жыл бұрын

**coloring him unsurprised** ... Now looks happy again √_√

@damienmorrow912

3 жыл бұрын

Thanks for saving me the 10 minutes

@yourboyfriend9480

3 жыл бұрын

i will take notice of it or take this incident into consideration

@thirddequito4571

3 жыл бұрын

Yeah they can't cover the payments and expenses due to the pandemic. So they don't have enough cash to cover the expenses of ongoing operations and i guess the cash outflows is so huge and it will sink your cash balance in the time like this.

Man, I love these short-form documentaries. Keep it up Bloomberg ^_^

@gus473

3 жыл бұрын

Yes, the 10-minutes-or-less format is nice: viewable on a break! 👍🏼

@edmundyhee7687

3 жыл бұрын

yeah man. i think this short forms are great. worth my time watching.

Sometimes I feel like , Bloomberg is the legal version of Vice 😁

@paddyl.886

3 жыл бұрын

Vice wears a leather jacket to work and Bloomberg wears a tie.

@ja2688

3 жыл бұрын

@@paddyl.886 That's the difference between Bloomberg and Vice. With Vice you get a 35 year old who still thinks he's 19 who's wearing a leather jacket and untucked shirt who doesn't know about wet shaving or deodorant. With Bloomberg you get people who actually act and dress like grown ups.

@Mashburn007

3 жыл бұрын

Vice is more "any wannabe journalist with a different pov on unhighlighted issues of their surroundings " these days, Meanwhile , Bloomberg is the sharp ,strong , unclouded , directive journalism that we need more of in this day n age

@edensw4587

3 жыл бұрын

NAH Vice is too progressive like their boss. They promote illegal drugs.

@Mashburn007

3 жыл бұрын

@@edensw4587 😂😂😂😂

When you're a gambler and own an oil company at the same time

“When you pray for rain, you have to deal with the mud too”…The Equaliser

@anthony_roblucas_traderfx678

3 жыл бұрын

Preach🔥💯🔥💯!

As the infamous Bernard Tapie used to say “you owe $100k to the bank, the bank owns you. You owe $100M to that bank, you own the bank”. That’s the thinking.

@main_tak_becus6689

3 жыл бұрын

Could you please elaborate? My father's business went bankrupt and he owes the bank.

@jean-jacqueslavigne3109

3 жыл бұрын

@@main_tak_becus6689 the key is to owe so much that no one would dare thinking of starting bankruptcy proceedings against him/ the company. Do I agree with this? No. Do I find this morally bankrupt? Yes. Did Bernard Tapie get away with it? Ultimately, no. borrowed money is meant to be paid back.

@Editnamehere

3 жыл бұрын

I had to reread that few times to understand it. But yeah that’s makes a lot of sense haha.

@ZZMJo

2 жыл бұрын

OMG Do you recall what Tapie said?

@jean-jacqueslavigne3109

2 жыл бұрын

@@ZZMJo that left an impression on a impressionable teenager... the cold hard logic of some businessmen and the reign of cynicism...

Serene's voice is so soft, it's very comforting

@saltymonke3682

3 жыл бұрын

@Martha Cohen why? it's a compliment. are you jealous that you don't have that kind of voice?

@kenn4756

3 жыл бұрын

Yap totally agree! Should cast her more often and put Alfred on hold. His voice really sound prevertic

@azmankmn

3 жыл бұрын

@@saltymonke3682 but pervert is the new compliment, hahaha

@saltymonke3682

3 жыл бұрын

@@azmankmn oh really? how?

@azmankmn

3 жыл бұрын

@@saltymonke3682 don't be too serious

The lighting for Alfred and Serene was awful! The lighting made them look gray! Jesus, Bloomberg, get some warm studio lights!

@muhammadhaikalpermanaatmaj73

3 жыл бұрын

Yeah they looks like a corpse/vampire lmao

@francislililles8360

3 жыл бұрын

well maybe it was as intended this is a documentary anyway aesthetics is not really the main focus here but the report itself

@fallinginthed33p

3 жыл бұрын

They might as well desaturate all the way to black and white, instead of making both reporters look deathly pale.

@ChairmanMo

3 жыл бұрын

They can afford it, Bloomberg had to make up for the 100 million he pissed away during the Democratic Primaries last year.

These big companies are addicted to massive loans for huge potential earnings. This is why crashes happens it creates a chain reaction if a significant amount of companies get into trouble with their debts and actually default. They default then the banks also can default and so on. It should be a crime to use too much leveraging

In hindsight, I think it's a blessing in disguise that I did not get a job with Ocean Tankers some years ago.. failed their interview😅

@user-jg4ns7pn6c

3 жыл бұрын

Believe something better is waiting.

Hin Leong will not be the last oil trader that go under in Singapore. Indonesia was their biggest market. But Indonesia now buying much less because of bio diesel. With their biggest market stop buying, its a matter of time before all these oil traders go under.

@TapalKuda

3 жыл бұрын

I disagree, Indonesia still needs their fossil fuels / oil, but if youre oil traders like ok lim and you hoarding all these oil supply while the price of the barrel is under 30 dlrs, price cost ratio it was just not profitable ..some more he didnt hedge his position , kinda like gambling..those are why the huge loss

Love these segments, great work!!👍

Both Serene and Alfred is wrong in stating that OK Lim's company lost money as a result of betting position during pandemics. In fact, court document shows they started losing money since the 2015 at the height of the oil price collapse. They only became aware when they read in the newspaper that banks are starting to pull credit. So what investigative journalism has both Serene and Alfred done?

@kentershackle1329

3 жыл бұрын

Right on, deception to blame CoVid. All work hand in hand...

Pretty simple really. Hin Leong has always been one of those companies that takes massive risks. The way I see it they gambled their way to the top and now they've gambled their way to rock bottom. That being said I do still hold a huge amount of respect for OK Lim for even making it to the top. Very few people can do that, especially those that come from backgrounds like his.

Everything was going fine but his only mistake was he believed in someone whose business is lying people...

Their case was under reporting and hide loss. Thanks for showing this great documentary

@lzh4950

3 жыл бұрын

Sounds like WireCard; since their Asian HQ is in Singapore too (& supposedly where it co-ordinated it's falsification of profits from the Phillippines) I'm thinking how much Singapore will get implicated (e.g. for insufficient legal supervision against fraudulent activity)

i love documentaries like this.....more please

I met him whilst in the military: Major Problem

@rameshhansaravendra

3 жыл бұрын

Who did you meet?

Great documentary. Helps people understand business in Asia.

These short documentaries is EXACTLY what Bloomberg needs to dominate the digital space. It’s like a multiple Vice docs on the financial world. 👍🏽👍🏽👍🏽👍🏽

These Bloomberg quick takes are solid

Bravo! Excellent coverage!

its exhausting to see when you steal unfathomable amounts of wealth, the scumbags who stole still get to be treated like unique snowflakes.

@crapp0

3 жыл бұрын

Thats the asian fascination with business figureheads, they only see the wealth and status of the rich, not the means and how they actually conduct their businesses which are sometimes rotten to core and would make enron blush.

@markonikolic7957

3 жыл бұрын

@@crapp0 I don't see things being different in USA also.

@William-Morey-Baker

3 жыл бұрын

@@crapp0 thats literally just capitalism, it has nothing to with Asia specifically

@babosing

3 жыл бұрын

@@crapp0 do you really think Enron or any western businessman is any better?

@johnwig285

3 жыл бұрын

when the rich sells something, its called stealing. when the average guy sells something, its just selling. when a looter loots a shop, it is "oh poor him he didnt do anything wrong he can burn down the shop I understand"

Minus $-40.00 a barrel & now in March 2021 it's $80.00 a barrel sound like the people of the world is being scammed there's no demand

Thats some solid journalism, thanks.

This can be resolved by Infinite QE as seen in the USA. Lol.

@farzana6676

3 жыл бұрын

Infinite QE doesn't work unless you have dollar. Global reserve currency.

@chubbygardener

3 жыл бұрын

@@farzana6676 are you sure? Tell that to Japanese Gouvernement who has been doing that for decades. In fact Japan invented QE. And now Europe 🇪🇺 is doing the same.

@gizroc

3 жыл бұрын

@@farzana6676 whats infinite QE?

@ok2764

3 жыл бұрын

Yeah whats infinite QE

@cvhashim

3 жыл бұрын

@@ok2764 quantitive easing. Basically when central banks inject money directly into the economy.

Putting all aside I respect and admire the humble beginnings of these pioneers who with very little build empires. There is a saying: From the fallen tree, everybody makes firewood. Which means people only respect you when you are standing tall and successful like a majestic old tree. After you fall, the same people that smiled at you and talked about your success will be the first ones to spit on your face.

love these business stories like this

basically an "Oil Scalper"

@scoringdigitsson.5194

3 жыл бұрын

More like oil scammer

@kordapyo612

3 жыл бұрын

But where's the profit?

@lzh4950

3 жыл бұрын

So Hin Leong is basically a trader. Can imagine Confucius shaking his head profusely

Love Serene’s voice. Ohh yes, great research and reporting Bloomberg team

Just like gambling. The only time you are going to stop is when you can’t pay all your debts.

“He’s also known as a King poker player” *cue stock footage of a poker player holding two Queens*

@owenglover8268

3 жыл бұрын

Pretty sure they meant "Keen" poker player

@CheebiCeg9

3 жыл бұрын

@@owenglover8268 Pretty sure King poker player.

@Akibatai00

3 жыл бұрын

It was ''keen.'' The guy's accent made it sound like ''king.''

@CheebiCeg9

3 жыл бұрын

@@Akibatai00 obviously u can't tell it's a joke.

@b4u334

3 жыл бұрын

@@owenglover8268 Nah pretty sure the subtitles confirm he meant "King"

This is a Singapore based company and Singapore Agencies did not able to find out this cheating.

@kentershackle1329

3 жыл бұрын

No, worries. They hv always known. Its not a lost. Bcos now they can cleanse those dirty ill $$$ gotten gains frm all of Asean corruptors

Greed led to scams, and when his hand was called, bankruptcy. OK Lim is nothing more, a crook.

@limitlessmaster659

3 жыл бұрын

Simply put OK Lim became KO Lim

@lzh4950

3 жыл бұрын

Not OK I guess

@mabelho2136

3 жыл бұрын

I disagree that he was a scammer. His crime is committing fraud in order to secure a loan to tide over his company, and unfortunately for him, oil prices did not rebound as quickly. But commodity such as oil is always volatile especially in our current pandemic, it is a slump. He could have simply declared the company bankrupt and retired.

@DP-8964

3 жыл бұрын

@@mabelho2136 The Singapore Government is charging OK Lim for hiding losses and forgeries over many years. The pandemic and collapsed oil prices was merely the straw that broke the camel's back. Please explain how is it not a scam? Actually a series of scams.

the audio quality in this video is awful, there is so much noise in the voice over and interview shots

@gauravdubey6110

3 жыл бұрын

Exactly

great content

Fantastic!!!

such a humble man...

I love the IGI game's security alert alarm at the start of the video

Nice video.

in short,, the ambitious oldman finally got wreck by karma 🙄

Are we watching another Lehman brothers, this time in Singapore?

@farzana6676

3 жыл бұрын

LOOOOL, you can't compare a global bohemoth like Lehman with small oil trading company in Singapore.

@youxkio

3 жыл бұрын

@@farzana6676 Thank you, I feel more relieved.

@CalvinK300

3 жыл бұрын

@@farzana6676 many business or financial giants do fail over time but Lehman Brothers’ collapse by itself would not have affected the entire economy. An example was the collapse of Barings Bank. Instead, Lehman was just one of the many casualties (Fannie Mae, Freddie Mac, Bears Stern, AIG to name a few) but not the trigger of the financial crisis. A closer analogy would be the energy giant, Enron.

@goodday3023

3 жыл бұрын

More like Enron.

@archerlee8091

3 жыл бұрын

Cheater !

Why are you shooting them from the side of their heads when they talk? It's very odd

@boingboing919

3 жыл бұрын

Probably showing their haircuts up close :D

@keithng5249

3 жыл бұрын

i kinda enjoy looking at the double chins :D

@ngtilui

3 жыл бұрын

Its nice.

Serves them right I hope no one invests in oil industries anymore

alfred : i am the senior reporter.... serene: i am a reporter....

Only 10 years jail? Considering the figure lost it should be a lot more

@bestintentions6089

3 жыл бұрын

When you steal from a bank a 1000 dollars , you have a problem, when you steal 3.2 billion from a bank, bank has a problem.

I am surprised how come this came so far without being noticed as myself spend 2 years in Singapore as student myself. I figure out Singapore wore more interested on their neighbours policing and complaining rather then concerning themselves...well I learned it in hard way...

@TapalKuda

3 жыл бұрын

what i learned as a foreigner there back then was, the singapore media with their narration & prpaganda loves to gives negatives press and bad news on their nearby neighbors , probably this method like planting seeds in their heads for these rich investors / business people to invest their money / funds to sg 'cos its safe and there wont be no chaos politically, economically sound. and this works for them

Can you do one video on Agri trader also ? What happened to Mr Ok Lim and his children?

5:58 oil prices index has been tied to cost of monthly stationary and pencils for one classroom for ages now

'well, I am all broken up about that'

Super interesting that some behavior (heavy risk taking) can be particularly rewarding when an industry is developing. But, it seems smart to replace the founder with a conservative CEO for matured companies and markets.

Serene 😍

Isn't that literally insider trading and price manipulation??!!!

Why wasn't there an audit on HL inventory?

Sad to see a once renowned giant falling short. Much thinking to be done by the oil trading industry in Singapore and equally so for the public regulators . In a macro view of things, many questions or perhaps lapses are worth looking into. The lapse of line credit issuance protocols gap such as paper versus ground diligences, the independent inspection party that was engaged and etc. The loop cannot be closed just by a single party. Lapses plus dubious activities provide a breeding environment of such. The banks creditors list are mentioned, but the independent inspection company implicated was not mentioned, information floating around in the market indicates it may be an American-based inspection company. In general, Singapore is globally known to have a very high and commendable ranking in business integrity, hope all will be sorted out and lifted up to where we pride ourselves as Singaporeans and the credentials built up by the founding fathers.

@kentershackle1329

3 жыл бұрын

Soery i beg to differ rgds how $ingapore trades integrity. It the centre where nearly all of Asean market of illegal cigarettes n Alcohol comes from. and many other trade stuff.

in indonesia our oil price is always same before and after covid 19

@kentershackle1329

3 жыл бұрын

Then yr goverment has cheated you!!🤣. Covid time ..oil supposed to be CHEAP!!.

Look closely at what is going on and the irony in The Main Street and Wall Street. It has the same parable but at a much larger scale.

Crazy rich Singaporeans

@RojaJaneman

3 жыл бұрын

Crazy rich are the same everywhere

@ETS186

3 жыл бұрын

But now crazy broke singaporeans

How does OK Lim feel now with oil price back to USD60 ??????

@TapalKuda

3 жыл бұрын

climbing to $70 as i typed.. he didnt hedge! went. bankrupt

Wasn't the price war between the Saudis and Russians in March 2020 the primary reason for the oil price plunge that led to Hin Leong's troubles?

@theallseeingeye9388

3 жыл бұрын

That was a game to wipe out the American fracking industry

I'm sure he bought at a higher price, then as it fell pretty steeply he was stuck with the oil, and insufficient capital resources to carry that debt. A classic case of overreaching himself

@trung2735

3 жыл бұрын

So buy high, sell low. This guy must had been on r/wallstreetbet

his risk taking technique without proper hedging should have been a red flag to his investors

@danmac5510

3 жыл бұрын

Greed is blind

Why is it that so many Asians struggle with L's and R's for certain words English? It's a genuine question, not an insult. For example, in this video they say the name "Lim" properly, they don't say "Rim". They say "refuel" not "lefuel" (or "lefuer"? Idk lol). But then for "collapse", they say "corrapse". It's strange to me that it's not an all-or-nothing type of occurrence.

What happens to the annual audits

Seriously, both the written and spoken English need some significant polishing.

8:55 does blockbuster still have an IPO?

Congratulations...

HSBC mentioned in their earnings call an expected credit loss spike in singapore due to a single client that defaulted on 3.5 BILLION in debt. I always wondered who that client was haha

the tone of this video is as though a lot of ground breaking confidential info was uncovered. This was the greatest oil crisis in history because of the double black swan event that actually caused negative oil prices for the first time ever. Many many billion dollar traders and energy companies around the world went bankrupt.

Imagine going to a bank "I need small loan of 600 million dollars for my business".

I guess he played a lot of gaia online or monopoly. 😅

Reveal more about Singapore, centre for ill-gotten money trading, 1MDB is not the only case. More to come. They always sweep the dust under the carpet.

@xcre8ionx

3 жыл бұрын

This comment sure exposed your stupidity

@senankamalakanan5128

3 жыл бұрын

@@xcre8ionx Cant cheat the world anymore. Technically money trading is a big bullshit. There will another revolution very soon.

@kentershackle1329

3 жыл бұрын

Everyone knows lah.. all crooks n corruptors in ASEAN has accounts in Singapore.

@dongdong2196

3 жыл бұрын

@@xcre8ionx welcome to the internet. When brainless allow to comment.

I heard the word again.... "hedged"

That's why all traders know (and ignore) warning that its risky

In short he made a massive yolo on oil prices

Government should investigate any official involved.

Not surprising this is a hind sight benefitted story.. If u are on the inside of the industry, you'd have broken this story with details almost immediately after the news broke.. To hear that you realise something was amiss after you reading the news on the banks pull back, shows your on the outside..

No oil resources but doing oil trading. What a legend.

1:24 apologies, chemicals-state

Why do banks still keep banking on oil and not the future?? Stuck in the past

If you Google Oil bankruptcies You will learn that going broke in the oil industry is common. We are in the end game of affordable oil

another one is Sentek, MAS, CPIB and Police should be looking into. MPA been very lenient with them and even let them sell the loot from Shell Bukom on board the tanker which was involved in the stealing of gas oil and got caught red handed. MPA allowed Sentek to change the name of the vessel involved in the case, sell the loot on board and continue to do bunkering operation with the tanker involved in the case. Shouldn't it under arrest and be case property? Even the shipping manager openly said will be helping the operation manager who was under arrest during that time. Police should arrest all the bunker clerks and bosun with all the managers in Sentek for thorough investigation. MPA should revoke their bunkering license with immediate effect. Singapore bunkering industry is very poorly regulated, it is a cowboy town.

@sktoh4469

3 жыл бұрын

Perhaps some with government connections were involved?

@kentershackle1329

3 жыл бұрын

Many Chief Engineers are soo happy when they BUNKER in $ingapore.

Oh my, serene is so cute

An empire built upon smuggling, stealing, cheating, gambling.

@wongfamily4013

3 жыл бұрын

Finally karma and retribution have finally caught up with his FamiLEE🙏🙏🙏

Isn't this guy Kane Lim's uncle from Bling Empire?

HSBC won’t even open my account 😀

@suntzu1409

3 жыл бұрын

😂😂😂

CIMB Group Holdings Bhd is believed to be the Malaysian bank which has significant exposure to the troubled oil trader Hin Leong Trading that owes almost US$4 billion to more than 20 banks, including DBS Group Holdings Ltd, HSBC Holdings Plc and Standard Chartered Plc. Market talk has it that CIMB’s exposure to Hin Leong is to the tune of US$120 million to US$130 million. This will mean an exposure of more than RM500 million in its loan book.

The Salad Oil Scandal comes to mind. Tony De Angelis I think

I wonder how they managed to hid the USDS800m losses. If the Banks were able to discover the earlier losses, they may have avoided a bigger loss. Moreover, Hin Leong family can easily stomach the USD800m write-off.

@happyface96

Жыл бұрын

Welcome to Singapore, where anything is possible

@xthene

Жыл бұрын

Hin Leong is not a listed company. It's a family business.

I guess it's OK not to be OK

Gambling(future trading) had destroyed many families n companies.

Hin Leong Trading has not made any profit for a couple of years and some of the oil that are used as collateral were already sold away to other customers.

Lim Oon Kuin: You snoopy kids!!!

Elon musk.... Renewable energy Hin Leong... Stuck with fossil

@GameOn-lc2lk

3 жыл бұрын

Actually if he had invested his money on space x stocks. Maybe he is alright now

Singapore......never knew.....

Even at -40$ a barrel, India petrol, diesel price was at all time high

@PatrickBatefan

3 жыл бұрын

Oilbtaxes is a source of revenue for govt. That's why taxes are high.

dark and secretive Oil markets, ... How much MONEY exactly do YOU have stranded in these assets/

This seems to be some sort of experimental video with the presenters talking very slowly and the odd camera positions as though they were giving mugshots.