Creditor wants Lim family's company under interim judicial management

Bank OCBC wants a court to instate a new management at the Lim family's company Xihe Holding. The company in question covers the ownership of the family's tankers, which are part of Ocean Tankers' fleet.

Photo: Edgar Su/Reuters/Ritzau Scanpix

A bank is now trying to wrest control of another important company in the Lim family's oil empire.

Bank OCBC has asked a court in Singapore to put company Xihe Holding under so-called judicial management.

Judicial management entails appointing external people, typically accountants or consultants, to lead the destitute company in situations where creditors have lost all faith in the sitting management.

Xihe Holding covers the ownership of several tanker vessels, which are in use at the Lim family's other companies Hin Leong Trading and Ocean Tankers.

The companies became the center of a major scandal in Singapore when it emerged a few months ago that the group's founder, Lim Oon Kuin, hid massive losses related to oil speculation.

Both Hin Leong Trading and shipping company Ocean Tankers have been put under bankruptcy protection and are currently under the management of consultancy firms PwC and Deloitte.

Police are also investigating the companies and Lim Oon Kuin, who is one of Singapore's wealthiest business men.

English Edit: Ida Jacobsen

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