Singapore

OCBC Bank has filed an application to appoint judicial managers over Xihe Holdings and four of its vessel-owning subsidiaries, citing "strong distrust" in Xihe's current management after evidence of fraud was uncovered at sister company Hin Leong Trading in April.

Xihe is an exempt private company owned by Hin Leong founder Lim Oon Kuin, better known as OK Lim; and his son, Evan Lim Chee Meng. Hin Leong was one of Singapore's biggest shipping-fuel suppliers before it went insolvent.