Asia/Pacific News
Hin Leong Holdings to be Wound Up
Singapore-based Hin Leong Holdings and two related companies are set to be wound up, two years after oil trading firm Hin Leon Trading collapsed.
Hin Leong Holdings (Pte) Ltd, Hin Leong Investment (Pte) Ltd and Ritz Capital Venture Pte Ltd are set to be wound up voluntarily, according to a notice posted in Singapore's Government Gazette on Friday. The decision follows an extraordinary general meeting of the companies on July 5.
The decision is because "It has been proven to the satisfaction of the meeting that the company cannot by reason of its liabilities continue its business," according to the notice.
Abuthahir Abdul Gafoor and Yessica Budiman have been appointed as liquidators.
Legal cases against Hin Leong founder OK Lim and his family over alleged fraud at his company are still progressing through the courts. Hin Leong collapsed in 2020 after several instances of the alleged fraud were uncovered.
