Former Singapore oil mogul Lim Oon Kuin, also known as OK Lim, is set to pay approximately $3.5 billion to liquidators of his defunct oil trading firm, Hin Leong Trading Pte Ltd. This payment aims to settle debts accrued by the company before its collapse in 2020. The civil suit against Lim and his two children alleges that they engaged in fraudulent activities to secure financing while draining the company’s resources for personal gain.
Lim, who has already been convicted of cheating HSBC Holdings and instigating forgery, faces significant financial repercussions as liquidators seek to recover the debts owed to numerous creditors, including major banks like HSBC and DBS Group Holdings Ltd. The outcome of this case reflects the broader ramifications of Hin Leong’s collapse, which significantly impacted Singapore’s oil trading sector.
