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Hin Leong Trading to be formally shut down


March 09, 2021
Hin Leong collapsed in 2020 after a default exposed years of hidden losses and alleged fraud by founder Lim Oon Kuin.
Reuters and The Straits Times file
SINGAPORE - The High Court has given the green light for the winding up of Hin Leong Trading, marking the end of the road for the collapsed oil trading giant after nearly a year of restructuring.
In a hearing on Monday morning (March 8) before High Court Justice Kannan Ramesh, judicial managers Goh Thien Phong and Chan Kheng Tek of PricewaterhouseCoopers (PwC) Advisory Services were appointed liquidators of Hin Leong.
They had applied for Hin Leong to be wound up after three potential bidders walked away from a deal to buy Hin Leong and two related companies as a combined entity. ....

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