Hin Leong’s founder, Lim Oon Kuin, and his two children were declared bankrupt on Dec 19, the electronic government gazette published on Dec 27 showed.
Better known in the oil trading industry as O.K. Lim, the 82-year-old, his daughter Lim Huey Ching, 57, and son Lim Chee Meng, 54, will have their bankruptcy estates managed by trustees Leow Quek Shiong and Seah Roh Lin of BDO Advisory.
The bankruptcy stems from the former Singapore oil tycoon and his two children having agreed in September to pay US$3.5 billion (S$4.76 billion) to the court-appointed liquidators of the company and top creditor HSBC after a 50-day civil trial.
In the judgment reached by both parties, the family will have to pay US$3.5 billion plus interest accrued…
