Hin Leong’s founder Lim Oon Kuin and his two children were declared bankrupt last week, the electronic government gazette published on Friday (Dec 27) showed.
Better known in the oil trading industry as OK Lim, the 82-year-old, his 57-year-old daughter Lim Huey Ching and 54-year-old son Lim Chee Meng will have their bankruptcy estates managed by trustees Leow Quek Shiong and Seah Roh Lin of BDO Advisory.
The bankruptcy stemmed from the former Singapore oil tycoon and his two children having agreed in September to pay US$3.5 billion (S$4.75 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…
