Hin Leong’s Court-Appointed Managers Seek to Freeze Lim’s Assets
- Judicial management applies to block asset sale, funds outflow
- Oil trader’s creditors to meet Jan. 13; $3.5 billion owed
Source: Yen Meng Jiin/The Business Times
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Hin Leong Trading (Pte.) Ltd, under judicial managers from PricewaterhouseCoopers, has made an application to freeze assets, shares and funds held by its founder Lim Oon Kuin and his two children as efforts to recoup $3.5 billion of debt from the collapsed oil trader continue.
The Singapore-based company is seeking to block the sale of any private properties and removal of assets from the city state among other measures, court filings show. The application was motivated by a real risk of asset dissipation, even as its judicial managers made progress with the sale of assets such as Universal Terminal.