Three insurance policies worth over S$500,000 to be part of bankrupt estate of OK Lim’s son, court rules
Applicant Michelle Lim says that these policies were held on trust for her sole benefit
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[SINGAPORE] A granddaughter of fallen oil tycoon Lim Oon Kuin has failed to persuade the court that three insurance policies that named her as the insured, and are worth half a million dollars, should not be part of her father’s bankrupt estate.
High Court Judicial Commissioner Mohamed Faizal on Tuesday (Jul 1) dismissed the application of Michelle Lim to declare that the three insurance policies in question are held on trust for her sole benefit by her father Lim Chee Meng, who became bankrupt in December 2024.
Lim Chee Meng’s bankruptcy stems from his agreement, together with those of his father – better known as OK Lim – and sister, in September 2024 to pay US$3.5 billion to the court-appointed liquidators of insolvent oil trader Hin Leong Trading and top creditor HSBC after a 50-day civil trial.
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