SINGAPORE oil mogul Lim On Kwin (82) declared bankruptcy after the collapse of his empire, Bloomberg reported today.
His name as the founder of Hin Leong Trading Pte, and his children Lim Huey Ching and Lim Che Meng, who were directors of the company, were listed in the bankruptcy order issued on December 19.
At its peak, Hin Leong traded a range of petroleum products, operated loading terminals and warehouses.
The decline of Lim On Kvin, which was also known as OK Lim, began in 2020, after the covid-19 pandemic knocked down oil prices.
Hin Leong is accused of hiding more than $800 million in losses and leaving more than 20 banks with huge liabilities.
In September, Singapore’s High Court approved the Lims’ agreement to pay $3.59 billion to the liquidators of his failed firm and creditor HSBC Holdings Plc, ending the civil case against Lim On Kwin.
He then said that he did not have enough funds to pay them all and that he would file for bankruptcy.
(B92)
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Source: www.novosti.rs
