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4 Min Read SINGAPORE (Reuters) - Stung by the collapse of Asia’s top independent oil trading firm, some global banks have teamed up to seek the personal assets of the family behind Hin Leong Trading, which has left creditors on the hook for billions of dollars. FILE PHOTO: O.K. Lim, founder of oil trading group Hin Leong, speaks during an interview with Reuters in Singapore June 5, 2013. REUTERS/Edgar Su/ As part of what sources say is the biggest legal case in living memory in Singapore, liquidators and creditors are hunting for assets from the city-state to China to Australia belonging to...

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 ...

Another hearing has been scheduled for 11 February. The vessel, which was converted from a VLCC, was operated by oil trader Hin Leong Trading under a charter arrangement with Xihe Group company An Zhong Shipping. Ocean Tankers was appointed technical manager of the Sea Coral but was served with a termination letter from Hin Leong in October last year. All of the companies were part of Lim Oon Kuin's empire. HSBC arrested the vessel off Malaysia on 8 November 2020 as part of its recovery efforts related to the financial collapse of Hin Leong. Gard, which provides the ship’s Maritime Labour C...

Singapore’s Jurong Port to take over Lim family’s stakes in Universal Terminal-sources Singapore port operator Jurong Port is set to take over the shares in a major oil storage terminal in the city state from the Lim family behind collapsed oil trader Hin Leong, three sources with knowledge of the matter told Reuters. The deal marks the sale of the crown jewel among oil and shipping assets owned by oil tycoon Lim Oon Kuin, his son Evan Lim Chee Meng and daughter Lim Huey Ching. It comes nearly a year after Hin Leong, once Asia’s largest oil trader, racked up some $4 billion in debt and ...

in  London and Singapore A Xihe Group-linked shipowner claimed that HSBC holds legal responsibility for the welfare of crew on a floating storage production and offloading vessel that the bank arrested off Malaysia. The 298,300-dwt Sea Coral (built 1996) was arrested by HSBC after a Malaysian High Court order last November as part of the bank's recovery action against the collapsed Xihe company Hin Leong Trading. A crew of 25 have since been stranded on the vessel without pay at the Johor Bahru anchorage. Measures to prevent the spread of coronavirus are among the reasons crew members...