Former tycoon Lim Oon Kuin has been declared bankrupt in Singapore following the collapse of his oil trading empire. Former tycoon Lim Oon Kuin has been declared bankrupt in Singapore following the collapse of his oil trading empire.
Names of Hin Leong Trading Pte’s founder and his kids, Lim Huey Ching and Lim Chee Meng, appeared in the government gazette as having been issued a bankruptcy order on Dec. 19. The younger Lims were directors at the company.
According to the Gazette, the trustees are Loew Quek Shiong and Seah Roh Lin of BDO Advisory Pte. Ltd. At its height, Hin Leong traded various oil products, manufactured lubricants, and ran loading terminals and storage facilities. However, the man known as OK Lim died in 2020, when COVID—19 caused oil prices to plunge.
Hin Leong was accused of concealing more than $800 million in losses and leaving over 20 banks with enormous liabilities.
In September, the Singapore High Court allowed Lims’ agreements to pay $3.59 billion to the liquidators of his collapsed firm and HSBC Holdings Plc. This move ended a series of civil cases filed against him.
While I continue to deny the claims made against me in all the civil suits, I did not wish to take up any more of the Court’s time and resources. I therefore offered to all the claimants who sued me that I would consent to judgment without admission to liability,” Lim, 82, said in an emailed statement late Saturday. “I also informed these claimants that I do not have assets to pay all of them and will therefore be applying for bankruptcy.”
