(Bloomberg) — Former tycoon Lim Oon Kuin has been declared bankrupt in Singapore, following the collapse of his oil trading empire.
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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 freefall.
Hin Leong was accused of hiding more than $800 million in losses and leaving more than 20 banks with huge liabilities.
Singapore’s High Court in September approved the Lims’ agreements to pay $3.59 billion to the liquidators of his collapsed firm and creditor HSBC Holdings Plc, ending the civil case against him. Lim, 82, was quoted as saying at the time that he did not have enough assets to pay all of them and would apply for bankruptcy.
Separately, Lim was sentenced in November to jail for cheating HSBC and instigating forgery. Lim filed an appeal, and will not begin to serve his sentence until after the appeal hearing.
Lim’s lawyers at Davinder Singh Chambers LLC did not immediately respond to an email seeking comment outside of regular business hours. Neither did representatives of BDO.
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