Creditors close in on OK Lim

Disgraced Singaporean ship owner and oil trader, OK Lim, is facing asset claims from creditors of Hin Leong Trading, the tycoon’s oil and shipping house, reports The Edge Singapore. Lim offloaded his fleet of 150 vessels after his business empire collapsed following allegations of fraud last year.

Lim was charged with abetment of forgery in connection with two loan applications and admitted to cooking the books at Hin Leong Trading by directing one of his executives to falsify documents pertaining to tens of millions of dollars in trade financing. He is also alleged to have overstated inventory and to have accumulated more debt by deceiving lenders.

Now Hin Leong Trading’s creditors have teamed up to seek the personal assets of the Lim family, and liquidators and global banks are hunting for assets around the world. Hin Leong Trading was wound up in March 2020.