The formal winding up of subsidiary Ocean Tankers Tuas Terminal has been gazetted in Singapore.
Hin Leong’s creditors, which include HSBC Holdings and DBS Group Holdings, have taken to the courts in a bid to recover funds from the insolvent company. Meanwhile, failed trader’s court-appointed managers PricewaterhouseCoopers have taken legal action against Lim and his family for a total US$3.5 billion in outstanding debt.
Hin Leong’s founder Lim Oon Kuin (known as OK Lim) has denied HSBC’s allegations that he used forged documents to obtain financing. The bank is suing Lim, his children and a Hin Leong Trading employee to recover US$85.3 million in financing that the bank alleges they obtained with forged documents.
Lim denied he knew the documents had been issued and said that they had been a mistake.
However, Lim has admitted in an affidavit that he told his employees to hide the losses in the company’s balance sheets which were used for bank references. He said that despite the company’s official accounts showing a US$78 million profit in the 2019 financial year it had “not been making profits in the last few years”.
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