Former businessman Lim Oon Kuin has been declared bankrupt in Singapore after his oil trading company faced big problems. Lim founded a company called Hin Leong Trading Pte. and his children, Lim Huey Ching and Lim Chee Meng, were also involved in the business. On December 19, it was announced that all three are now bankrupt.
At its best, Hin Leong traded many oil products and ran facilities to store and manage oils. But everything changed in 2020 when the COVID-19 pandemic caused oil prices to drop dramatically. Hin Leong was found to have hidden losses of more than $800 million, leaving over 20 banks with huge debts.
In September, Singapore’s High Court agreed to a deal where the Lims will pay $3.59 billion to the liquidators and HSBC Holdings Plc, which ended a legal battle against Lim. Lim stated, “I continue to deny the claims against me but do not want to prolong the court’s time and resources. I told the claimants I have no assets to pay them, so I will apply for bankruptcy.”
In November, Lim was sentenced to jail for cheating HSBC and for involvement in forgery. He filed an appeal, meaning he will not go to jail until the appeal is decided.
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