Hin Leong Trading founder Lim Oon Kuin. - The Straits Times/ANN SINGAPORE, May 22 (Bloomberg): Singapore’s High Court approved a request to freeze as much as US$3.5 billion of assets belonging to the founding family of collapsed oil trader Hin Leong Trading (Pte) Ltd, the company’s liquidator told creditors.
Lim Oon Kuin and his family will be asked by lawyers representing liquidator Goh Thien Phong to disclose their assets to the court in the next few days, according to the email seen by Bloomberg News that was sent to creditors on Friday. The Lims may file an appeal against the asset-freeze order, Goh told creditors.
Singapore’s High Court approved a request to freeze as much as US$3.5 billion of assets belonging to the founding family of collapsed oil trader Hin Leong Trading (Pte) Ltd, the company’s liquidator told creditors.
The hunt for lost billions: Failed Hin Leong s owners face asset claims asiaone.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from asiaone.com Daily Mail and Mail on Sunday newspapers.
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SINGAPORE (Reuters) - Stung by the collapse of Asia’s top independent oil trading firm, some global banks have teamed up to seek the personal assets of the family behind Hin Leong Trading, which has left creditors on the hook for billions of dollars.
FILE PHOTO: O.K. Lim, founder of oil trading group Hin Leong, speaks during an interview with Reuters in Singapore June 5, 2013. REUTERS/Edgar Su/
As part of what sources say is the biggest legal case in living memory in Singapore, liquidators and creditors are hunting for assets from the city-state to China to Australia belonging to the Lim family, after the Singapore-based company was wound up in March.
The hunt for lost billions: Failed Hin Leong s owners face asset claims reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.