Troubled oil trader Hin Leong poised to hand control to PwC

The Lim family will allegedly hand over control of Hin Leong Trading to consultant form PwC, which will try to settle a deal with the bank creditors concerning the company's multiple billion-dollar debt.

Photo: Danish Siddiqui/Reuters/Ritzau Scanpix

Tycoon OK Lim and his family are set to hand over management of the company founded in 1963 to PricewaterhouseCoopers LLP, deepening the demise of an empire Lim built into one of Singapore’s most powerful oil traders.

Hin Leong Trading (Pte) Ltd., saddled with almost $4 billion in debt, plans to shift management of the company away from its founding family to the accounting firm while preparing to withdraw an application for court protection from creditors, according to people familiar with the matter.

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