A former oil tycoon and his family are heading to court in Singapore to face liquidators seeking to recover billions of dollars to pay more than 20 bank creditors.
A lawsuit involving Hin Leong Trading and its court-appointed managers suing Lim Oon Kuin and his children – Evan Lim Chee Meng and Lim Huey Ching – will kick off on Thursday in Singapore.
The prosecution is seeking to recover funds to pay more than 20 bank creditors, including DBS and HSBC. The lenders are owed a total of about $3.5 billion after a commodity price drop in 2020 triggered a default, revealing hidden losses and alleged fraud at Hin Leong.
HSBC Case
An HSBC suit against the Lims is also commencing on Thursday. The British lender has levelled allegations of conspiracy and fraudulent misrepresentation against the former billionaire family, which had as much as $3.5 billion of assets worldwide frozen by Singapore authorities in 2021.
Separately, the elder Lim is also facing multiple charges of cheating and forgery, to which he pleaded not guilty during a trial earlier this year.
Hin Leong was one of Singapore largest independent oil traders founded by the elder Lim in 1963. Both of his children were also former directors at the firm.
