Lim Oon Kuin, the founder of the defunct Singapore oil trader Hin Leong, and his two children have agreed to pay about $3.5bn (S$4.5bn) to the liquidators of the company and top creditor HSBC. The 82-year-old former oil trading and tanker tycoon, better known as OK Lim, together with Huey Ching Lim and Evan Lim will pay the billion-dollar sum with interest and costs in the consent judgements agreed in Singapore High Court proceedings. The Lims didn’t admit liability but said that they would file for bankruptcy as they “do not have enough assets” to settle the claims. The collapse of Hin Leong in 2020 was one of the largest corporate failures in Singapore’s history and resulted in a huge fleet sell-off of subsidiary Ocean Tankers. The judgement is also one of the largest sought in a civil suit in the city-state as well as the largest reported fraudulent trading case in Singapore, law firm Drew & Napier said. Lim was accused of hiding over $800m in losses and counted more than 20 banks as creditors. His two children were both directors at Hin Leong. Singapore’s High Court has extended its injunction freezing the Lim family’s assets worldwide to be effective until full payment is made or till further order,” Drew & Napier wrote on LinkedIn. OK Lim was earlier convicted of three criminal charges in May, two for cheating HSBC and one for instigating a Hin Leong employee to forge a document for the purpose of cheating, totalling $111.7m, for which he is due to be sentenced at a later date. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsSingapore