Singapore, July 14 -- Embattled ZenRock Commodities Trading was granted judicial management yesterday, but the judicial managers have noted that any restructuring of the firm, which is under investigation by the Commercial Affairs Department (CAD), would "at best preserve only a fraction of its business".
KPMG Services' Martin Wong, Bob Yap and Toh Ai Ling, who were confirmed as judicial managers yesterday, said in a report filed last Thursday with the High Court that ZenRock was "unlikely to continue in the long term under its original three pillars of business".
But they added that there is value in a judicial management of ZenRock, even a short one, as it will give the managers time to complete a sale of inventory in storage tanks in...