Singapore
24 May 2021 11:54AM
SINGAPORE: The High Court has accepted a request to freeze up to US$3.5 billion (S$4.7 billion) of worldwide assets of Lim Oon Kuin and his two children following the collapse of Lim's oil trading firm Hin Leong Trading, the company's liquidators told creditors in an email reviewed by Reuters.
Court-appointed liquidators of Hin Leong, the Lim family and their lawyers, did not immediately respond to requests for comment on Monday (May 24). The High Court declined to comment.
"Our lawyers will be following up with the next steps in the next few days including to require the Lim Family to disclose their assets on affidavit," Goh Thien Phong, one of the liquidators wrote in the email sent on Friday to more than 200 creditors of Hin Leong.
The liquidators had asked the court to freeze the family's assets worldwide, from multimillion-dollar homes to shares, funds and country club memberships to recover money owed to nearly two dozen banks and other creditors globally.
Source: Reuters/dv
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High Court approves move to freeze Hin Leong's founder's assets: Liquidators
Hin Leong Trading's founder Lim Oon Kuin arrives at the State Courts, in Singapore on Apr 30, 2021. (File photo: REUTERS/Edgar Su)24 May 2021 11:54AM
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SINGAPORE: The High Court has accepted a request to freeze up to US$3.5 billion (S$4.7 billion) of worldwide assets of Lim Oon Kuin and his two children following the collapse of Lim's oil trading firm Hin Leong Trading, the company's liquidators told creditors in an email reviewed by Reuters.
Court-appointed liquidators of Hin Leong, the Lim family and their lawyers, did not immediately respond to requests for comment on Monday (May 24). The High Court declined to comment.
"Our lawyers will be following up with the next steps in the next few days including to require the Lim Family to disclose their assets on affidavit," Goh Thien Phong, one of the liquidators wrote in the email sent on Friday to more than 200 creditors of Hin Leong.
The liquidators had asked the court to freeze the family's assets worldwide, from multimillion-dollar homes to shares, funds and country club memberships to recover money owed to nearly two dozen banks and other creditors globally.
Source: Reuters/dv
Continue reading...