Court approves freeze of family assets for Hin Leong liquidation

Family assets valued at $ 3.5 billion are subject to a freeze approved by a Singapore court following the collapse of oil trader Hin Leong.

Singapore court approved freeze on assets belonging to 79-year-old Hin Leong founder Lim Oon Kuin – also known as OK Lim – his son Lim Chee Ming and daughter Lim Huey Ching, according to a “Bloomberg” report citing an email from liquidators sent to over 200 creditors.

Up to $ 3.5 billion in assets have been approved for freezing and Goh Thien Phong, one of the liquidators, said the Lim family could appeal.

Goh also said his lawyers will proceed in the coming days to require the Lim family to disclose their assets by affidavit.

Asset hunting

So far, creditors have only been able to recover $ 270 million, according to the report, and they have not sought personal assets, alongside liquidators, in Singapore, China and Australia.

The liquidators also asked the courts to freeze other family assets such as multi-million dollar homes, stocks, funds and country club memberships.

Millions of dollars in family assets have already been sold in recent months, including a stake in an oil storage facility in Singapore and dozens of ships owned by their Xihe group.

Hin Leong collapse

Once one of Asia’s top oil traders, Hin Leong collapsed last year, a default triggered by falling commodity prices, exposing years of hidden losses and alleged fraud.

The company has reportedly been exposed to $ 3.85 billion in debt from more than dozens of creditors including DBS, Bank of China, Societe Generale, Standard Chartered, HSBC and more.

After nearly a year of restructuring $ 3.5 billion in debt, a court approved Hin Leong’s liquidation request.

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