Yesterday, founder of fallen oil trader Hin Leong and his family went to court over alleged conspiracy and fraud that led to billions of dollars of unpaid liabilities to bank creditors. The prosecution is seeking personal responsibility and repayment.
Hin Leong founder Lim Oon Kuin as well as his children, Evan Lim Chee Meng and Lim Huey Ching, headed to trial yesterday in Singapore to face court-appointed liquidators of Hin Leong and HSBC, who are suing the billionaire family over $3.5 billion of liabilities in two separate cases.
The liquidators are seeking $3.5 billion to repay bank creditors, alleging that the Lims had engaged in fraud to conceal losses that totalled $800 million over the past few years. They also claim that Hin Leong has been insolvent since the end of October in 2012.
On the other hand, HSBC, which is also one of the bank creditors, accused the Lims of conspiracy and fraudulent misrepresentation in two transactions. It is seeking to recover more than $85 million.
Defendant Response
In defense, Lims’ lawyers argued that the outcome was a result of errors and attributed it to a team of employees. The defendant also said that the claims of the liquidators and HSBC had no merit in law and should be dismissed.
In response, the liquidators’ lawyer said that the «Lim family’s fingerprints are all over» certain transactions, including interbank transfers that were all authorized by at least one of the three family members in question.
Separately, the elder Lim is facing multiple charges of cheating and forgery from prosecutors. He pleaded not guilty in a trial earlier this year and the verdict has not yet been announced. In 2021, the Lim family also had as much as $3.5 billion of assets worldwide frozen by the Singapore High Court.
