Judicial manager PwC suing OK Lim and his 2 children for US$3.5b

Singapore

THE judicial manager for insolvent oil trader Hin Leong Trading is suing patriarch Lim Oon Kuin, better known as OK Lim, and his two children for US$3.5 billion, alleging that each of them breached their fiduciary duties as directors and engaged in fraudulent trading.

The claim of US$3.5 billion represents the full amount of Hin Leong's outstanding debts. Judicial manager PricewaterhouseCoopers (PwC) Advisory Services is also seeking to clawback another US$90 million in dividends that the Lim family paid to themselves in previous years out of Hin Leong's bogus profits, according to court documents filed last Friday and seen by the The Business Times.