O.K. Lim and children agree to pay $4.5b to Hin Leong liquidators, will file for bankruptcy
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SINGAPORE — In a surprising twist, Hin Leong founder Lim Oon Kuin and his two children, Evan Lim Chee Meng and Ms Lim Huey Ching, have agreed to pay US$3.5 billion (S$4.5 billion) to the liquidators of the now-defunct oil trading firm. The High Court on SO.K. Lim and children agree to pay $4.5b to Hin Leong liquidators, will file for bankruptcy
SINGAPORE — In a surprising twist, Hin Leong founder Lim Oon Kuin and his two children, Evan Lim Chee Meng and Ms Lim Huey Ching, have agreed to pay US$3.5 billion (S$4.5 billion) to the liquidators of the now-defunct oil trading firm. The High Court on Sept 30 also gave the green light to a consent judgment the Lim family reached with HSBC Holdings, which had sued them and Lim Oon Kuin's personal assistant Serene Seng Hui Choo, for US$85.3 million in damages. This brings to an end a 50-day civil trial of both cases involving the family of oil tycoon Lim Oon Kuin — also known as O.K. Lim — which had been jointly heard in the High Court. «This is an important milestone in the liquidation of Hin Leong, and is a victory that belongs to (its) creditors,» said liquidator Goh Thien Phong. In the judgment reached by both parties, the family will have to pay the sum of US$3.5 billion plus interest at 5.33 per cent per annum — from April 2020 to the date of payment — and costs. Read more