OK Lim has accepted judgment debt of over US$3.5 billion, but creditors will likely claw back much less
The 82-year-old and his children, Evan Lim and Lim Huey Ching, are planning to file for bankruptcy
EMBATTLED Hin Leong Trading founder Lim Oon Kuin – the former Singapore oil tycoon better known as OK Lim – and his children, Evan Lim and Lim Huey Ching, have accepted the demands of the company’s court-appointed liquidators and top creditor HSBC.
In a hearing on Sep 30, the liquidators and HSBC secured consent from the Lims to a judgment by the court to agree to pay US$3.5 billion plus interest at 5.3 per cent per annum and costs.
Other creditors are following suit, and taking up the Lims’ offer to consent to the judgment.
TRENDING NOW
Singapore government slaps loan curbs on individual private-hire car buyers
If Europe goes to war, the fallout will be felt in East Asia
The grid is the transition: Why Asean’s next energy challenge is coordination
Indonesia stocks suffer worst plunge in nearly 30 years as MSCI proposes standalone status
