Former tycoon Lim Oon Kuin and his children are set to face the liquidators of his collapsed oil trading empire in a civil lawsuit trial that kicks off Thursday in Singapore.
Hin Leong Trading Pte. and its court-appointed managers are suing the Lims as they seek to recover funds to pay more than 20 bank creditors including HSBC Holdings Plc and DBS Group Holdings Ltd. HSBC’s suit against the Lims is also set to get underway on Thursday in a case alleging conspiracy and fraudulent misrepresentation.
The lenders combined are owed about $3.5 billion after Hin Leong failed under a cloud of alleged fraud and hidden losses about three years ago. OK Lim, as the 81-year-old businessman is popularly known, is separately facing multiple charges of cheating and forgery brought by prosecutors. He pleaded not guilty in a trial earlier this year with the verdict yet to be announced.
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