What went wrong with Hin Leong?
Hin Leong failed in a year-long effort to restructure about $3.5 billion in debts after the COVID-19-led oil crash laid bare huge losses. Founder Lim Oon Kuin admitted in a court document last year to directing the firm not to disclose hundreds of millions of dollars in losses over several years.
What does Hin Leong do?
Hin Leong Trading is a commodity trading corporation registered and headquartered in Singapore that was founded in 1963 by Lim Oon Kuin. One of Singapore’s largest independent oil traders, Hin Leong filed for bankruptcy protection in April 2020.
How old is Lim?
79-year-old
Singapore police last year charged the 79-year-old former oil tycoon, better known as OK Lim, with two counts of abetment of forgery for the purpose of cheating.
How did Hin Leong hide losses?
To keep the losses concealed, Hin Leong had to maintain the flow of liquidity for which it obtained financing from banks through schemes that involved the sale and repurchase of cargo at a loss, forged documents, non-existent inventory, or the sale of the same inventory to multiple parties; leading to competing legal …
How much does Hin Leong owe?
Ocean Tankers is currently under the control of judicial managers from Ernst & Young LLC and is a sister company of Hin Leong, which owes about $3.5 billion to global banks including HSBC Holdings Plc.
Who is representing Hin Leong?
The order also states that before spending any money, Lim and his two children must tell the lawyers representing the liquidators of Hin Leong where the money comes from, according to the court documents. Liquidators Goh Thien Phong and Chan Kheng Tek are represented by Drew & Napier’s Cavinder Bull and his team.
Who is Hin Leong boss?
Lim Oon Kuin
#1613 Lim Oon Kuin Lim founded Hin Leong Trading in 1963 at age 20 with a single truck delivering diesel to fishermen and small rural power producers. The group’s shipping arm, Ocean Tankers, owns a fleet of more than 130 tankers and is run by Lim’s son, Evan.
Who owns Hin Leong?
founder OK Lim
Hin Leong founder OK Lim to face 105 more charges – CNA.
Who found oil in Singapore?
immigrant Lim
Founded in 1963 by Chinese immigrant Lim at age 20 with a single truck delivering diesel to fishermen and small rural power producers, the storied Singapore oil trader has grown to become one of Asia’s largest suppliers of ship fuel.
Where is OK Lim now?
His family is based in Singapore… He cannot be considered a flight risk as he has surrendered his passport.” In addition, Lim is also “subject to a Mareva injunction, so his assets are frozen worldwide and in Singapore”, said Mr Navin.
What is Hin Leong worth?
2020 Billionaires NET WORTH Lim Oon Kuin’s oil trading firm Hin Leong Trading filed for bankruptcy protection in April 2020, knocking his net worth below $1 billion. Lim disclosed that Hin Leong had $800 million in previously undeclared losses.
Who is OK Lim Singapore?
SINGAPORE – Lim Oon Kuin, the founder of collapsed oil trading firm Hin Leong Trading, was slapped with 105 new charges of cheating and forgery in the State Courts on Thursday morning (June 24). Abetment of forgery of a valuable security carries a jail term of up to 15 years and a fine.
Who is the founder of Hin Leong Trading?
FILE PHOTO: Founder of collapsed oil trading firm Hin Leong Trading, Lim Oon Kuin, better known as OK Lim, arrives at the State Courts in Singapore Apr 30, 2021. (Photo: REUTERS/Edgar Su) SINGAPORE: Another 105 charges were filed on Thursday (Jun 24) against Lim Oon Kuin, the founder of collapsed oil trading firm Hin Leong Trading.
Why was Hin Leong put under judicial management?
Hin Leong, one of Asia’s largest oil traders, was placed under so-called judicial management in April last year after banks demanded repayment of loans as oil prices crashed amid the coronavirus pandemic – a collapse that revealed earlier financial troubles.
What did Deloitte do in Hin Leong case?
“Deloitte failed to detect the irregularities and the material misstatements” in Hin Leong’s financial affairs, a March 5 lawsuit filed with the High Court of Singapore alleges. “Deloitte acted in breach of the terms of its engagement with the plaintiff.”
Who was charged with forgery in Hin Leong case?
Lim, 79, has been charged with forgery. Assets, which include bank accounts, properties and club memberships – and those of his two children – have been frozen by the court. Lim has denied the forgery claim.