August 3, 2021

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Hin Leong’s judicial managers look for to freeze O.K. Lim’s household belongings, Organization News & Leading Stories

Hin Leong Investing, less than judicial professionals from PricewaterhouseCoopers (PwC), has designed an software to freeze belongings, shares and cash held by its founder Lim Oon Kuin and his two youngsters as efforts to recoup US$3.5 billion (S$4.61 billion) of financial debt from the collapsed oil trader proceed.

PwC is in search of to block the sale of any personal attributes and removal of assets from Singapore, amid other steps, courtroom filings show.

The application was motivated by a genuine risk of asset dissipation, even as its judicial professionals designed development with the sale of belongings this sort of as Common Terminal.

Extra than 20 banking institutions are combating to recover billions of dollars in loans to the trader right after completely wrong-way bets on Covid-19’s effects on oil selling prices unfurled concealed losses and alleged frauds.

The fallout is still reverberating throughout worldwide markets, prompting economic establishments to reassess their publicity and shaking out big tracts of the often opaque US$4 trillion oil investing field.

The application to the Large Courtroom of Singapore was submitted early previous month. The court docket has asked for the Lim family members to file its reaction to the application by upcoming Wednesday, paperwork display.

The listening to is fastened for March 4.

Hin Leong Trading’s judicial supervisors declined to comment.

Calls and an e-mail to Davinder Singh Chambers, which represents Lim Oon Kuin, or O.K. Lim, went unanswered. Independently, no one responded to an e-mail despatched to the Lim family trying to get remark.

The loved ones property highlighted by Hin Leong Buying and selling contain houses, income and investments, insurance plan procedures, shares and club memberships, in accordance to the filings.

Lim and his little ones may well take away any of the assets from Singapore, or dispose of or deal with the assets, so extensive as the total unencumbered price of his property continue to in the place remains no fewer than US$3.5 billion.

Individually, the Singapore courtroom obtained winding-up applications for various organizations owned by the Lim spouse and children, in accordance to governing administration notices.

An software to wind up Hin Leong Marine Intercontinental, a lubricant oil-mixing device, was submitted by Lim and his son Evan, a doc confirmed.

An additional application for the winding up of 8 shipping and delivery entities beneath Xihe Holdings, also owned by the Lim spouse and children, was also viewed.

Hin Leong’s lenders are scheduled to hold a meeting following Wednesday.

Its judicial supervisors are established to deliver updates on the firm’s standing and find acceptance for charges and prices, in accordance to a further discover in the Singapore Govt Gazette.

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