KUALA LUMPUR: CIMB GROUP HOLDINGS BHD
fell over 3% in early trade Wednesday after the bank is believed to have exposure to Singapore’s Hin Leong Trading (Pte) Ltd (HLT).
The bank shed 3.6%, or 13 sen to RM3.48 with 2.16 million shares traded.
CIMB is believed to have a significant exposure to the troubled oil trader HLT that owes almost US$4bil to more than 20 banks, including DBS Group Holdings Ltd, HSBC Holdings Plc and Standard Chartered Plc.
Singapore police said they have launched an investigation following news that the founder of HLT had told the company not to disclose hundreds of millions of dollars in losses over several years.
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