The oil trading company founded by Lim Oon Kuin, better known as “OK Lim,” has been officially declared bankrupt in Singapore.
His sons, Lim Huey Ching and Lim Chee Meng, also face the same fate as listed by the Singapore government on December 19.
Both held director roles in Hin Leong Trading Pte Ltd, the family’s now-defunct oil trading company.
Hin Leong was once a powerhouse in the oil industry, dealing in oil products, lubricants, and managing storage facilities.
However, the company collapsed in 2020 when oil prices plunged during the Covid-19 pandemic.
The charges against Hin Leong were brought on suspicion of concealing more than $800 million in losses, leaving more than 20 banks with huge debts.
The Singapore High Court approved a settlement of $3.59 billion in September, marking the end of civil claims against Lim.
Although Lim denied wrongdoing, he chose to settle without admitting liability, stating that he did not have the ability to pay his debts.
