Singapore’s High Court capped expenses for the founding family of collapsed oil trader Hin Leong Trading Pte. at $10,000 a week per person as part of an order that also freezes as much as US$3.5 billion ($4.66 billion) of their assets around the world.

<hr/><strong>See: <a href="https://www.theedgesingapore.com/news/company-news/high-court-approves-request-freeze-us35-bil-assets-hin-leongs-lim-family" target="_blank">High Court approves request to freeze US$3.5 bil of assets of Hin Leong's Lim family</a></strong><hr/>

Hin Leong’s founder Lim Oon Kuin and his two children can also spend “a reasonable sum” on legal advice, as well as other representations, on top of these weekly living expenses, according to court orders filed on June 4 that were seen by Bloomberg News. Lim, 79, has been charged with forgery and related offenses, as his oil-trading firm, once the city-state’s largest, fell into liquidation in March.

The court’s asset-freeze order last month may be one of the biggest such injunctions in Singapore’s history, and may pave the way toward debt recovery for more than 20 bank creditors including HSBC Holdings Plc and DBS Group Holdings Ltd., which together are owed about US$3.5 billion by Hin Leong.

Davinder Singh and his eponymous law firm are acting for Lim. The firm is involved in several high profile cases in the country, including defamation suits brought by the prime minister and an alleged nickel scam that may be the biggest of its kind. An email and calls seeking comments from Singh and his team were not answered.

Under the asset freeze, the Lims are not allowed to dispose of assets that include their properties in Singapore and Australia, insurance policies, shares in companies as well as country club memberships.

The order also states that before spending any money, Lim and his two children must tell the lawyers representing the liquidators of Hin Leong where the money comes from, according to the court documents. Liquidators Goh Thien Phong and Chan Kheng Tek are represented by Drew & Napier LLC’s Cavinder Bull and his team.

Court caps expenses for Hin Leong's Lim family at $10,000 a week

Qarbotech named winner of inaugural EQT Impact Challenge

MSCI boss warns of climate risks

Keppel to acquire 50% stake in European asset manager Aermont Capital for up to $517 mil

Local banks 'resilient' in 2023, but MAS warns of deteriorating asset quality, climate transition risks

The new kings and queens of content

Benign STI seen as investors pivot to foreign markets, growth stocks

Navigating 50 years of market evolution

Silchester continues to raise stake in ComfortDelGro; Ameriprise no longer substantial shareholder

Why the return-to-office wave is a wake-up call for businesses  

Court caps expenses for Hin Leong's Lim family at $10,000 a week

Related News

Highlights

Qarbotech named winner of inaugural EQT Impact Challenge

Related News

Singapore oil trader OK Lim’s luxury bungalow sold below guide price

Singapore’s OK Lim faces liquidators, banks in US$3.5 bil case

Singapore oil trader OK Lim on trial in US$3.5 billion case