Former oil magnate OK Lim and his children have been declared bankrupt after agreeing to pay US$3.5 billion to settle debts from their collapsed oil trading company, Hin Leong. The family, who previously consented to a court judgment, acknowledged they lacked sufficient assets to meet the claims. This follows OK Lim's conviction in May 2024 for cheating and abetting forgery in connection with a major trade financing fraud.
OK Lim was convicted in May 2024 for cheating and abetting forgery, part of a trade financing fraud described as one of Singapore ’s most severe. — AFP picas a first-time user . Exclusively for Malay Mail readers: Use codeSINGAPORE, Dec 28 — Former oil magnate Lim Oon Kuin, commonly known as OK Lim, and his two children, Lim Huey Ching and Evan Lim Chee Meng, have been declared bankrupt, according to the Singapore government gazette published yesterday.
The bankruptcy order, effective from December 19, was formalised after the family acknowledged they lacked sufficient assets to settle claims, CNA added. A consent judgment reflects an agreement between all involved parties and serves as the formal resolution of a case.
Bankruptcy Hin Leong Trading OK Lim Trade Finance Fraud Singapore
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