By South China Morning Post | Created at 2024-09-30 05:12:46 | Updated at 2024-09-30 07:28:18
2 hours ago
Singapore’s High Court approved former oil tycoon Lim Oon Kuin’s agreements to pay US$3.59 billion to the liquidators of his company and creditor HSBC Holdings Plc, ending the multi-year civil cases against him and his family.
The Lims didn’t admit liability and will pay the sum with interest and costs in the consent judgments agreed in court proceedings on Monday.
The planned agreements with the liquidators of Lim’s oil empire Hin Leong Trading Pte., which collapsed in 2020, had been reported earlier. HSBC had the most exposure at US$600 million among its lenders, based on estimates in previous court filings.
The twist of events is an ignominious end to the elder Lim’s trading career. He had grown Hin Leong, which he founded in 1973, into the finance hub’s once-largest independent oil trader with interests spanning bunkering to storage businesses.
