SINGAPORE - HSBC Holdings is suing the Lim family and an employee of bankrupt oil trader Hin Leong Trading to recover US$85.3 million (S$115.8 million) of US$111.7 million that they allegedly obtained with bogus invoices and forged documents, according to court papers seen by The Straits Times.
HSBC, which is the firm's largest creditor with about US$600 million owing, is the first bank to take legal action against oil tycoon Lim Oon Kuin, better known as OK Lim, and his two children to recover its losses.
Already a subscriber? Log in
Read the full story and more at $9.90/month
Get exclusive reports and insights with more than 500 subscriber-only articles every month
ST One Digital
$9.90/month
No contract
ST app access on 1 mobile device
Unlock these benefits
All subscriber-only content on ST app and straitstimes.com
Easy access any time via ST app on 1 mobile device
E-paper with 2-week archive so you won't miss out on content that matters to you