Former Singapore tycoon Lim Oon Kuin declared bankrupt after oil empire crumbled
Lim and his two children were issued a bankruptcy order last week, according to the government gazette
The name of the founder of Hin Leong Trading Pte. and his children Lim Huey Ching and Lim Chee Meng were listed as having been issued a bankruptcy order on December 19, the government gazette showed. The younger Lims were both directors at the company.
Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte. Ltd. are the trustees, according to the gazette.
At its peak, Hin Leong traded a range of oil products, made lubricants and operated loading terminals and storage facilities. But the downfall of the man widely known as OK Lim came in 2020, as Covid-19 sent oil prices into free fall.
Hin Leong was accused of hiding more than US$800 million in losses and leaving more than 20 banks with huge liabilities.
