Former tycoon Lim Oon Kuin (林恩強) has been declared bankrupt in Singapore, following the collapse of his oil trading empire.
The name of the founder of Hin Leong Trading Pte Ltd (興隆貿易) and his children Lim Huey Ching (林慧清) and Lim Chee Meng (林志朋) were listed as having been issued a bankruptcy order on Dec. 19, the government gazette showed. The younger Lims were directors at the company.
Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte Ltd are the trustees, according to the gazette.
Photo: AFP
At its peak, Hin Leong traded a range of oil products, made lubricants and operated loading terminals and storage facilities.
However, the downfall of the man widely known as OK Lim came in 2020, as COVID-19 sent oil prices into freefall.
Hin Leong was accused of hiding more than US$800 million in losses and leaving more than 20 banks with huge liabilities.
Singapore’s High Court in September approved the Lims’ agreements to pay US$3.59 billion to the liquidators of his collapsed firm and creditor HSBC Holdings PLC, ending the civil case against the former tycoon.
“While I continue to deny the claims made against me in all the civil suits, I did not wish to take up any more of the Court’s time and resources and I therefore offered to all the claimants who sued me that I will consent to judgment without admission to liability,” Lim, 82, said in an e-mailed statement on late Saturday.
“I also informed these claimants that I do not have assets to pay all of them and will therefore be applying for bankruptcy,” he added
Separately, the former tycoon was sentenced last month to jail for cheating HSBC and instigating forgery.
Lim filed an appeal and would not begin to serve his sentence until after the appeal hearing.
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