Former oil tycoon Lim Oon Kuin, widely known as OK Lim, and his two children, have been declared bankrupt. The bankruptcy order, made effective on 19 December 2023, was announced in the government gazette on 27 December.
The decision follows the family’s consent in September to a judgment of US$3.5 billion (S$4.7 billion) being entered against them. This amount corresponds to Hin Leong Trading’s unsecured debts as of April 2020, when the company collapsed amidst allegations of financial misrepresentation and insolvency.
In September, the Lim family acknowledged they lacked sufficient assets to meet all claims and indicated they would file for bankruptcy. Trustees Leow Quek Shiong and Seah Roh Lin from BDO Advisory…
