The tycoon who made headlines in 2017 for his run-in with the management committee of Ardmore Park condominium was declared bankrupt in the Hong Kong High Court last week.
Dr Sit Kwong Lam, who was listed as a billionaire by Forbes in 2017 but dropped off the list last year, had provided a personal guarantee for US$30 million (S$40.6 million) worth of goods that Singapore bunker supplier Brightoil Petroleum Singapore bought from Petrolimex Singapore, based on two invoices billed in April last year. Petrolimex had applied for a bankruptcy order against Dr Sit.
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