Asia/Pacific News
OK Lim to Pay $3.5 Billion to Hin Leong Liquidators
OK Lim and his children have agreed to pay $3.5 billion to the liquidators of Hin Leong Trading following the firm's collapse four years ago.
The family have agreed to pay $3.5 billion to the liquidators, plus annual interest at 5.33% from April 2020 to the present, Singapore newspaper the Straits Times reported this week.
The family has also reached a settlement with HSBC over the lender's lawsuit against OK Lim, and Singapore's High Court has now approved this deal.
Hin Leong collapsed in 2020 in the wake of that year's crude-price crash and allegations of forged documents being used to secure funding from banks. The firm and its subsidiary Ocean Bunkering Services, formerly one of Singapore's top marine fuel suppliers, has been wound up.
