SINGAPORE: Embattled oil tycoon Lim Oon Kuin, better known as O.K. Lim, and his two children have been sued by Hin Leong Trading judicial manager PricewaterhouseCoopers Advisory Services in its bid to recover US$3.5 billion (S$4.75 billion) plus another US$90 million in dividends the Lims allegedly paid themselves even though the company was insolvent.
In court documents seen by The Straits Times, judicial managers Goh Thien Phong and Mr Chan Kheng Tek accused O.K. Lim, his son Evan Lim Chee Meng and daughter Lim Huey Ching of breach of fiduciary duties as directors and fraudulent trading.
They were accused of "deliberately concealing (Hin Leong's) losses and portraying it as a profitable company when in fact it was massively insolvent".Click here: Hin Leong founder O.K. Lim and two children sued by bankrupt firm's judicial managers for US$3.5 billion
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