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HSBC sues Lim family, saying they 'fraudulently deceived' bank into lending US$111.7 million to Hin Leong
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HSBC is the first bank to take legal action against oil tycoon Lim Oon Kuin.
ST PHOTO: KELVIN CHNG, WONG KWAI CHOW
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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.
