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Collapsed Singapore oil trader founder appeals USD 20 million order

Lim Oon Kuin, founder of collapsed Singapore oil trader Hin Leong, is appealing a court order to return USD 20 million the family transferred from the shipping company prior to filing for protection last year.

Photo: Edgar Su/Reuters/Ritzau Scanpix

Lim Oon Kuin, the founder of collapsed Singapore oil trader Hin Leong Trading (Pte.) Ltd, is appealing a court order to return funds the family took out of a unit just before it filed for protection last year.

The appeal was made this month after the Lims paid the sum to Ocean Tankers Pte. Ltd. according to letters to the firm's creditors seen by Bloomberg News. The amount covers USD 19 million transferred from the shipping company on two separate occasions last year to the Lims' bank accounts, as well as interest and costs, totaling USD 20.1 million.

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