Singaporean oil trader OK Lim, once a leading player in the city’s busy bunker trading sector, has been declared bankrupt after consenting to a multibillion-dollar court judgment in favor of his former company’s creditors.
Lim and his children – Evan Lim Chee Meng and Lim Huey Ching – owe a combined $3.5 billion in connection with the collapse of Hin Leong Trading, the family’s energy brokerage and shipping firm. Hin Leong operated at a loss for years, and to fill the gap, Lim had one of his executives create fake sales orders in order to apply for accounts receivable financing from his bankers. The fraudulent scheme collapsed in 2020 after a large trading bet went bad, and the firm quickly went bust.
Hin Leong’s bankers…
