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(Dec 28): Former tycoon Lim Oon Kuin has been declared bankrupt in Singapore, following the collapse of his oil trading empire.

The name of the founder of Hin Leong Trading Pte Ltd and his children Lim Huey Ching and Lim Chee Meng were listed as having been issued a bankruptcy order on Dec 19, the government gazette showed. The younger Lims were both directors at the company.

Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte Ltd are the trustees, according to the gazette.

At its peak, Hin Leong traded a range of oil products, made lubricants and operated loading terminals and storage facilities. But the downfall of the man widely known as OK Lim came in 2020, as Covid-19 sent oil prices into freefall.

Hin Leong was accused of hiding…

A:

The conventional wisdom is that though Elvis Presley performed regularly in Las Vegas, especially during the late 1960s and early 1970s, he wasn’t known to be a big gambler. While Elvis spent considerable time in Las Vegas for his legendary performances at the International (later the Las Vegas Hilton, now Westgate), he didn’t have a reputation for being involved in gambling activities.

And from what we can infer from our research, that wisdom isn’t too far off the mark. 

Elvis was more focused on his career, performing up to two shows a night during his residency in Las Vegas, which left him with limited time or energy for casino games. According to various accounts from people close to him, he was more…

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…

Until this morning, it seemed certain that Lilium would cease operations and let go all of its more than 1,000 employees. Founded in 2015, the Munich based electric aircraft startup, had recently failed to secure follow-on funding, and was reaching the point of insolvency. Just before Christmas, the company had to lay off all its employees.

But earlier today, on December 24th, surprisingly the signing of an asset purchase agreement with Mobile Uplift Corporation has been announced. Mobile Uplift is a company set up by an experienced consortium of investors from Europe and North America, who are intending to acquire the operating assets of the subsidiaries Lilium GmbH and Lilium eAircraft GmbH.

Subject to the satisfaction of certain…

The National Company Law Tribunal has initiated insolvency proceedings against Hero Electric following a plea filed by the company’s operational creditor Metro Tyres, which has claimed a default of Rs 1.85 crore.

And, in keeping with the provisions of the Insolvency and Bankruptcy Code, the tribunal has suspended the Hero Electric board and in its place appointed Bhoopesh Gupta as interim resolution professional to oversee the company.

The NCLT bench rejected Hero Electric’s contentions that there was a pre-existing dispute with the operational creditor and said that it was “not just a moonshine or feeble legal argument.”

The objections raised by Hero Electric are not found “tenable in law” and have been duly negated by Metro…

Lim Oon Kuin, the founder of Hin Leong Trading Pte., and his two children, Lim Huey Ching and Lim Chee Meng, were officially declared bankrupt on December 19, according to a government gazette published on December…

(Bloomberg) — Former tycoon Lim Oon Kuin has been declared bankrupt in Singapore, following the collapse of his oil trading empire.

Most Read from Bloomberg

The name of the founder of Hin Leong Trading Pte. and his children Lim Huey Ching and Lim Chee Meng were listed as having been issued a bankruptcy order on Dec. 19, the government gazette showed. The younger Lims were both directors at the company.

Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte. Ltd. are the trustees, according to the gazette.

At its peak, Hin Leong traded a range of oil products, made lubricants and operated loading terminals and storage facilities. But the downfall of the man widely known as OK Lim came in 2020, as Covid—19 sent oil prices into…

(Bloomberg) — Former tycoon Lim Oon Kuin has been declared bankrupt in Singapore, following the collapse of his oil trading empire.

Most Read from Bloomberg

The name of the founder of Hin Leong Trading Pte. and his children Lim Huey Ching and Lim Chee Meng were listed as having been issued a bankruptcy order on Dec. 19, the government gazette showed. The younger Lims were both directors at the company.

Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte. Ltd. are the trustees, according to the gazette.

At its peak, Hin Leong traded a range of oil products, made lubricants and operated loading terminals and storage facilities. But the downfall of the man widely known as OK Lim came in 2020, as Covid—19 sent oil prices into…

News

The bankruptcy order was published on Dec. 27.

December 28, 2024, 02:27 PM

Former oil tycoon Lim Oon Kuin, 82, has been declared bankrupt along with his two children, according to a government gazette published on Dec. 27, 2024.

The bankruptcy order was made against the 82-year-old and his two of his three children — Lim Huey Ching, 57, and Lim Chee Meng, 54 — on Dec. 5.

It took effect on Dec. 19.

After getting sued by Hin Leong’s liquidators, the trio had a judgment of US$3.5 billion (S$4.75 billion) entered against them in September.

They said they would be filing for bankruptcy as they do not have enough…