By Reuters Staff
1 Min Read
SINGAPORE, May 24 (Reuters) - Singapore’s Court has accepted a request to freeze up to $3.5 billion of worldwide assets of Lim Oon Kuin and his two children following the collapse of Lim’s oil trading firm Hin Leong Trading Pte Ltd, the company’s liquidators told creditors in an email seen by Reuters.
Court-appointed liquidators of Hin Leong, the Lim family and their lawyers, and the Singapore High Court did not immediately respond to requests for comment on Monday. (Reporting by Anshuman Daga and Jessica Jaganathan; Editing by Himani Sarkar)
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
Collapsed Singapore Oil Trader Founder Appeals $20 Million Order
May 24 2021, 5:31 PM
May 24 2021, 2:23 PM
May 24 2021, 5:31 PM
(Bloomberg) Lim Oon Kuin, the founder of collapsed Singapore oil trader Hin Leong Trading (Pte.) Ltd, is appealing a court order to return funds the family took out of a unit just before it filed for protection last year.
(Bloomberg) Lim Oon Kuin, the founder of collapsed Singapore oil trader Hin Leong Trading (Pte.) Ltd, is appealing a court order to return funds the family took out of a unit just before it filed for protection last year.
The appeal was made this month after the Lims paid the sum to Ocean Tankers Pte. Ltd. according to letters to the firmâs creditors seen by Bloomberg News. The amount covers $19 million transferred from the shipping company on two separate occasions last year to the Limsâ bank accounts, as well as interest and costs, totaling $20.1 million.
By Chanyaporn Chanjaroen and Alfred Cang (Bloomberg)
Lim Oon Kuin, the founder of collapsed Singapore oil trader Hin Leong Trading (Pte.) Ltd, is appealing a court order to return funds the family took out of a unit just before it filed for protection last year.
The appeal was made this month after the Lims paid the sum to Ocean Tankers Pte. Ltd. according to letters to the firm’s creditors seen by Bloomberg News. The amount covers $19 million transferred from the shipping company on two separate occasions last year to the Lims’ bank accounts, as well as interest and costs, totaling $20.1 million.
Singapore freezes US$3.5bn of global Lim family assets
Bloomberg
Singapore’s High Court approved a request to freeze as much as US$3.5 billion of assets worldwide belonging to the founding family of collapsed oil trader Hin Leong Trading Pte Ltd (興隆貿易) in a move that might be one of the biggest such injunctions in the city-state’s history.
Lim Oon Kuin (林恩強) and his family are to be asked by lawyers representing liquidator Goh Thien Phong (吳天芳) to disclose their assets to the court in the next few days, according to an e-mail seen by Bloomberg News that was sent to creditors on Friday to inform them of the judgement.