High Court approves move to freeze Hin Leong's founder's assets: Liquidators
25 May, 2021
The High Courtroom has accepted a request to freeze up to US$3.5 billion (S$4.7 billion) of worldwide resources of Lim Oon Kuin and his two kids following collapse of Lim's essential oil trading firm Hin Leong Trading, the business's liquidators told creditors in an email reviewed by Reuters.
Court-appointed liquidators of Hin Leong, the Lim family and their lawyers, didn't immediately react to requests for comment on Monday (May 24). The High Court declined to comment.
"Our lawyers will be following up with another steps within the next few days incorporating to require the Lim Friends and family to disclose their assets on affidavit," Goh Thien Phong, one of the liquidators wrote in the email sent on Fri to a lot more than 200 lenders of Hin Leong.
The liquidators had asked the court to freeze the family's assets worldwide, from multimillion-dollar homes to shares, funds and country club memberships to recover money owed to practically two dozen banking institutions and other creditors globally.
Source: www.channelnewsasia.com
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