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Hin Leong's court-appointed managers seek to freeze Lim's assets

Hin Leong Trading's judicial managers have submitted an application to freeze all assets, shares and funds held by its founder Lim Oon Kuin and his two children in an effort to recoup USD 3.5 billion in debt from the collapsed oil trader.

Photo: Edgar Su/Reuters/Ritzau Scanpix

Hin Leong Trading (Pte.) Ltd, under judicial managers from PricewaterhouseCoopers, has made an application to freeze assets, shares and funds held by its founder Lim Oon Kuin and his two children as efforts to recoup USD 3.5 billion of debt from the collapsed oil trader continue.

The Singapore-based company is seeking to block the sale of any private properties and removal of assets from the city state among other measures, court filings show. The application was motivated by a real risk of asset dissipation, even as its judicial managers made progress with the sale of assets such as Universal Terminal.

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