Singapore Caps Fallen Oil Tycoon Lim’s Spending At $7,500 a Week
- Court froze up to $3.5 billion of assets of Hin Leong’s Lims
- Asset freeze includes properties, country club memberships
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Singapore’s High Court capped expenses for the founding family of collapsed oil trader Hin Leong Trading Pte. at S$10,000 ($7,500) a week per person as part of an order that also freezes as much as $3.5 billion of their assets around the world.
Hin Leong’s founder Lim Oon Kuin and his two children can also spend “a reasonable sum” on legal advice, as well as other representations, on top of these weekly living expenses, according to court orders filed on June 4 that were seen by Bloomberg News. Lim, 79, has been charged with forgery and related offenses, as his oil-trading firm, once the city-state’s largest, fell into liquidation in March.