Ardmore Park tycoon declared bankrupt in Hong Kong

Dr Sit Kwong Lam made headlines in 2017 for his run-in with the management committee of the Ardmore Park condominium. PHOTO: BRIGHTOIL
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SINGAPORE - The tycoon who made headlines in 2017 for his run-in with the management committee of the 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 last year, had provided a personal guarantee for US$30 million worth of goods that Singapore bunker supplier Brightoil Petroleum Singapore had 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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