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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

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Hin Leong's Pu Tuo San VLCC supertanker in the waters off Jurong Island in Singapore. Hin Leong was one of Singapore's biggest shipping-fuel suppliers before it went insolvent in April.

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After OK Lim (above) resigned from his directorships in Xihe Holdings and Xihe Capital in April, his brother Kenny was appointed executive director for both firms on July 1. He stepped down on July 23, but remains interim chief executive.

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...

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