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Lim Oon Kuin, the founding father of the defunct Singapore oil dealer Hin Leong, and his two kids have agreed to pay about $3.5bn (S$4.5bn) to the liquidators of the corporate and high creditor HSBC.
The 82-year-old former oil buying and selling and tanker tycoon, higher generally known as OK Lim, along with Huey Ching Lim and Evan Lim can pay the billion-dollar sum with curiosity and prices within the consent judgements agreed in Singapore Excessive Court docket proceedings. The Lims didn’t admit legal responsibility however mentioned that they might file for chapter as they “would not have sufficient belongings” to settle the claims.
The collapse of Hin Leong in 2020 was one of many largest company failures in Singapore’s historical past and resulted in an enormous fleet sell-off of subsidiary Ocean Tankers.
The judgement can be one of many largest sought in a civil swimsuit within the city-state in addition to the biggest reported fraudulent buying and selling case in Singapore, legislation agency Drew & Napier mentioned.
Lim was accused of hiding over $800m in losses and counted greater than 20 banks as collectors. His two kids have been each administrators at Hin Leong.
Singapore’s Excessive Court docket has prolonged its injunction freezing the Lim household’s belongings worldwide to be efficient till full cost is made or until additional order,” Drew & Napier wrote on LinkedIn.
OK Lim was earlier convicted of three prison costs in Might, two for dishonest HSBC and one for instigating a Hin Leong worker to forge a doc for the aim of dishonest, totalling $111.7m, for which he is because of be sentenced at a later date.
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