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
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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.
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