Dec 29, 2024 02:01 PM IST
Former tycoon Lim Oon Kuin has been declared bankrupt in Singapore, following the collapse of his oil buying and selling empire.
Former tycoon Lim Oon Kuin has been declared bankrupt in Singapore, following the collapse of his oil buying and selling empire.
After his oil buying and selling empire collapsed, former tycoon Lim Oon Kuin was declared bankrupt in Singapore. (Bloomberg)
The title of the founding father of Hin Leong Buying and selling Pte. and his youngsters Lim Huey Ching and Lim Chee Meng have been listed as having been issued a chapter order on Dec. 19, the federal government gazette confirmed. The youthful Lims have been each administrators on the firm.
Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte. Ltd. are the trustees, in response to the gazette.
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At its peak, Hin Leong traded a spread of oil merchandise, made lubricants and operated loading terminals and storage services. However the downfall of the person broadly often called 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 enormous liabilities.
Singapore’s Excessive Court docket in September accepted the Lims’ agreements to pay $3.59 billion to the liquidators of his collapsed agency and creditor HSBC Holdings Plc, ending the civil case towards him.
Individually, Lim was sentenced in November to jail for dishonest HSBC and instigating forgery. Lim filed an attraction, and won’t start to serve his sentence till after the attraction listening to.
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