Monday, August 17, 2020

Skullduggery: Singapore's "Ocean Tankers Seeks to Reclaim $19 Mln from Lim Family"

From MarineLink:
The court-appointed manager of Singapore Ocean Tankers (Pte.) Ltd is seeking to reclaim about $19 million from the Lim family directors of the firm, who allegedly transferred the funds from the shipping company to their accounts in April, court documents show.

The interim judicial managers from EY said the Lim family "breached their fiduciary duties" by transferring the funds when Ocean Tankers was insolvent.

Ocean Tankers, owned by Oon Kuin Lim, founder of embattled oil firm Hin Leong Trading Pte Ltd, and his daughter Lim Huey Ching, was placed under interim judicial management on May 12.

The EY managers said in a statement of claim filed in the Singapore High Court that the family had failed to ensure that the firm's assets were not dissipated or exploited for their own benefit to the prejudice of the interests of the firm's creditors....

And from the Straits Times August 14:

Hin Leong founder O.K. Lim charged with abetment of forgery for cheating, out on $3 million bail

April 20 
India’s ICICI Bank Seeks To Impound Two Tankers Operated By Hin Leong Trading Subsidiary
April 20
FT Backgrounder On Singapore's Hin Leong Trading (and some MAJOR accounting issues)
April 19 
Shipping/Fuel: Singapore's Hin Leong Trading Is Bankrupt, Probable Disclosure and Bank Fraud Issues (HSBC exposure $600 Mil US)
Looking at my headline and thinking "duh", their selling off the collateral, of course there's a disclosure issue, it's the old rule of thumb, liars steal and stealers lie....
May 12
Singapore's Hin Leong May Have Knocked Société Générale Out Of the Commodity Financing Business

The crown jewel of the Lim fam's Hin Leong empire: