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OK Lim has accepted judgement debt of over US$3.5 billion, but creditors will likely claw back much less

OK Lim has accepted judgement debt of over US$3.5 billion, but creditors will likely claw back much less

By Swedan Margen

Fashion

The 82-year-old and his children, Evan Lim and Lim Huey Ching, are planning to file for bankruptcy

EMBATTLED Hin Leong Trading founder Lim Oon Kuin – the former Singapore oil tycoon better known as OK Lim – and his children, Evan Lim and Lim Huey Ching, have accepted the demands of the company’s court-appointed liquidators and top creditor HSBC.

In a hearing on Sep 30, the liquidators and HSBC secured consent from the Lims to a judgement by the court to agree to pay US$3.5 billion plus interest at 5.3 per cent per annum and costs.

Other creditors are following suit, and taking up the Lims’ offer to consent to the judgement.

Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.

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OK Lim has accepted judgement debt of over US$3.5 billion, but creditors will likely claw back much less | Grazia British