Oil tycoon and 2 children sued over $4.8b in debt

They also allegedly paid themselves $90m in dividends though Hin Leong was insolvent

Lim Oon Kuin (far right) and his son Evan Lim Chee Meng seen in a 2006 file photo. Lim, his son and his daughter Lim Huey Ching are accused of fraudulent trading and breaching their fiduciary duties as directors of oil trader Hin Leong Trading. BT FI
Lim Oon Kuin (right) and his son Evan Lim Chee Meng seen in a 2006 file photo. Lim, his son and his daughter Lim Huey Ching are accused of fraudulent trading and breaching their fiduciary duties as directors of oil trader Hin Leong Trading. BT FILE PHOTO

Court action is under way to force embattled oil tycoon Lim Oon Kuin and his two children to repay US$3.5 billion (S$4.8 billion) in debt and $90 million in dividends that they allegedly paid themselves even though their company was insolvent. The legal action has been instigated by PricewaterhouseCoopers Advisory Services, the judicial manager of the insolvent company, Hin Leong Trading.

Court documents seen by The Straits Times show that judicial managers Goh Thien Phong and Chan Kheng Tek have accused Lim, his son Evan Lim Chee Meng and his daughter Lim Huey Ching of fraudulent trading and breaching their fiduciary duties as directors.

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A version of this article appeared in the print edition of The Straits Times on September 01, 2020, with the headline 'Oil tycoon and 2 children sued over $4.8b in debt'. Print Edition | Subscribe