ENERGY & OFFSHORE | Staff Reporter, Singapore

Hin Leong judicial managers seek to freeze founder Lim's assets: report

They are looking to block the sale of private properties and removal of assets from Singapore.

Hin Leong Trading, under its judicial managers from PricewaterhouseCoopers, has applied to freeze the assets, shares and funds held by its founder Lim Oon Kuin and his two children, reports Bloomberg, based on an application to the High Court of Singapore filed in early December.

The Singapore-based oil trader collapsed under a $4.6b (US$3.5b) debt after wrong-way bets on COVID-19’s impact on oil prices unfurled hidden losses and alleged frauds. More than 20 banks are reportedly vying to recover their loans.

The judicial managers are reportedly looking to block the sale of any private properties and removal of assets from the city-state amongst other measures, court filings show.

The court has requested the Lim family to file its response to the application by 13 January, documents show. The hearing is fixed for 4 March.

Read more from Bloomberg.

(US$1 = S$1.32)

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