SINGAPORE: Former oil tycoon Lim Oon Kuin, better known as OK Lim, and his two children have been declared bankrupt, according to the government gazette on Friday (Dec 27).
The 82-year-old Lim and his two children, Lim Huey Ching and Evan Lim Chee Meng, consented in September to a judgment of US$3.5 billion (S$4.7 billion) being entered against them.
They said then that they did not have enough assets to pay all their claimants and would file for bankruptcy.
The bankruptcy order was made effective on Dec 19 and published in the government gazette on Friday.
They will have their bankruptcy estates managed by trustees Leow Quek Shiong and Seah Roh Lin of BDO Advisory.
The decision to consent to the judgment came in the midst of a
