HSBC sues Lim family, saying they 'fraudulently deceived' bank into lending US$111.7 million to Hin Leong

HSBC is the first bank to take legal action against oil tycoon Lim Oon Kuin.
HSBC is the first bank to take legal action against oil tycoon Lim Oon Kuin.ST PHOTO: KELVIN CHNG, WONG KWAI CHOW

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.

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