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Xihe Holdings placed under IJM, accuses OCBC of 'abuse of process'

But bank says new appointments at Xihe give only veneer of independence but not actual independence guaranteed under judicial management

Published Thu, Aug 13, 2020 · 09:50 PM

Debt restructuring

Singapore

XIHE Holdings, the exempt private company owned by Hin Leong founder OK Lim and his son, has been placed under interim judical managers (IJMs), after more creditors threw their support behind OCBC Bank's application to take control over Xihe's restructuring out of the Lim family's hands.

A Singapore High Court appointed Grant Thornton Singapore as IJMs for Xihe Holdings during a chambers hearing on Thursday, The Business Times has learnt.