Lim Oon Kuin, who faces criminal and civil proceedings, will testify in his criminal case where he's accused of deceiving HSBC into disbursing US$111.7 million to Hin Leong.
Asia PacificLim family s global assets on radar after Singapore court move
Anshuman DagaJessica Jaganathan
4 minute read
Founder of collapsed oil trading firm Hin Leong Trading Pte Ltd, Lim Oon Kuin, better known as O.K. Lim, arrives at the State Courts in Singapore April 30, 2021. REUTERS/Edgar Su
A Singapore court has approved a freeze on up to $3.5 billion of assets of the family behind collapsed Hin Leong Trading Pte Ltd, boosting the prospect of debt recovery from the former oil trading empire that counts some of the world s biggest banks among its creditors.
Hin Leong was wound up in March after failing in a year-long effort to restructure more than $3 billion in debts after the COVID-19-led oil crash laid bare huge losses. Founder Lim Oon Kuin admitted in a court document last year to directing the company not to disclose hundreds of millions of dollars in losses over several years. read more