Singapore declares former tycoon Lim Oon Kuin bankrupt after oil empire collapses

The title of the founding father of Hin Leong Buying and selling Pte. and his kids Lim Huey Ching and Lim Chee Meng had been listed as having been issued a chapter order on Dec. 19, the federal government gazette confirmed. The youthful Lims had been each administrators on the firm.

Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte. Ltd. are the trustees, based on the gazette.

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At its peak, Hin Leong traded a variety of oil merchandise, made lubricants and operated loading terminals and storage amenities. However the downfall of the person extensively generally known as OK Lim got here in 2020, as Covid—19 despatched oil costs into freefall.

Hin Leong was accused of hiding greater than $800 million in losses and leaving greater than 20 banks with big liabilities.

Singapore’s Excessive Courtroom in September authorised the Lims’ agreements to pay $3.59 billion to the liquidators of his collapsed agency and creditor HSBC Holdings Plc, ending the civil case in opposition to him.

“Whereas I proceed to disclaim the claims made in opposition to me in all of the civil fits, I didn’t want to take up any extra of the Courtroom’s time and sources and I subsequently supplied to all of the claimants who sued me that I’ll consent to judgment with out admission to legal responsibility,” Lim, 82, stated in a emailed assertion late Saturday. “I additionally knowledgeable these claimants that I wouldn’t have belongings to pay all of them and can subsequently be making use of for chapter.”

Individually, Lim was sentenced in November to jail for dishonest HSBC and instigating forgery. Lim filed an enchantment, and won’t start to serve his sentence till after the enchantment listening to.

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Representatives of BDO didn’t instantly reply to an e-mail searching for remark outdoors of normal enterprise hours.