SINGAPORE: Former oil tycoon Lim Oon Kuin, better known as OK Lim, and his two children have been declared bankrupt, according to the government gazette on Friday ( Dec 27 ).
The 82-year-old Lim and his two children, Lim Huey Ching and Evan Lim Chee Meng, consented in September to a judgment of US$ 3.5 billion ( S$ 4.7 billion ) being entered against them.
Finally, they declared that they would file for bankruptcy because they lacked the assets to pay all of their claims.
The debt decree was enacted on December 19 and was made public on Friday in the state newspaper.
Leow Quek Shiong and Seah Roh Lin, BDO Advisory’s governors, will manage their debt lands.
The court’s decision to accept the wisdom came as the Lim family’s case was being brought by brokers against the court that first opened in August 2023.
Lim and his two kids were scheduled to testify in the test, but the consent decree replaced that and brought the trial proceedings to a close.
A acceptance view is intended to be the official conclusion of a case and the manifestation of an agreement and is made with the consent of all parties involved.
Hin Leong lost US$ 808 million in costs from prospects and transfers between 2010 and 2020, with the costs reportedly being concealed by an overrevenue overrevenue of US$ 2.1 billion in the same time.
The home had deliberately concealed Hin Leong’s deficits and portrayed the organization as rewarding when it was, in truth, “massively bankrupt”.
The number of US$ 3.5 billion is the same number Hin Leong, which is in forced bankruptcy, had sought the Lims to pay, and was the total number of the company’s unsecured debt as of April 2020.
In a split criminal prosecution for abetting fraud, Lim was found guilty in May of this year.
He was given a 17-and-a-half year sentence last quarter after leading one of Singapore’s most severe cases of business financing fraud.
His attorney informed him then that Lim may file an appeal against the word.