S'pore business casualties of 2020: More legal woes ahead for Hin Leong founder O.K. Lim and family

Singapore had its fair share of corporate drama this year, with established names such as Wirecard, Hin Leong and Hyflux suffering a drastic turn of fortunes. Where are they now, and what's next for them?

Lim Oon Kuin, founder of oil trader Hin Leong Trading.
Lim Oon Kuin, founder of oil trader Hin Leong Trading.PHOTO: ST FILE

SINGAPORE - More legal woes are likely on the cards for the founder of insolvent Hin Leong Trading and his two children, who are now battling a growing number of lawsuits by bank creditors trying to recover more than US$3.5 billion (S$4.7 billion) from the firm.

This was after PricewaterhouseCoopers Advisory Services, the judicial manager of the oil trading giant, filed suit to force oil tycoon Lim Oon Kuin, better known as O.K. Lim, and his two children to repay the US$3.5 billion debt and $90 million in dividends that they allegedly paid themselves even though their company was insolvent. PwC alleged that they breached their fiduciary duties as directors and engaged in fraudulent trading.

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