Asia/Pacific News
PwC Sues Hin Leong's OK Lim for $3.5 Billion: Straits Times
The company appointed by a court as interim judicial managers of Singapore oil trading company Hin Leong is suing founder Lim Oon Kuin (OK Lim) for $3.5 billion, according to local media.
Judicial managers Goh Thien Phong and Chang Kheng Tek of PricewaterhouseCoopers (PwC) are suing OK Lim and his two children for $3.5 billion, and are seeking to recover another $900 million paid to the family as dividends, the Straits Times reported Monday, citing court documents.
PwC accuses the family of "deliberately concealing [Hin Leong's] losses and portraying it as a profitable company when it was in fact massively insolvent," the newspaper said.
OK Lim is out on $3 million bail, the newspaper reported. He was arrested earlier this month and charged with fraud.
The charge related to a gasoil trade with China Aviation Oil (Singapore) Corporation Ltd, with police alleging a forged document was used to secure more than $56 million of trade financing.
Hin Leong is the parent company of one of Singapore's largest marine fuel suppliers, Ocean Bunkering.
About Jack Jordan
Jack Jordan is the Managing Editor of Ship & Bunker, the world’s most read marine fuel-focused publication.
He is an experienced financial editor and reporter with a first-class degree in Arabic and Russian, a postgraduate diploma in newspaper journalism and several years' history of covering the oil and shipping industries and capital markets.
Jack is based in London, UK.
About Ship & Bunker
Ship & Bunker is the world's most read publication focused on the marine fuel markets. Completely independent, it is the leading industry authority providing comprehensive daily news, exclusive in-depth features and analysis, along with daily & historical bunker price indications.
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