Singapore’s High Court approved a request to freeze as much as US$3.5 billion ($4.66 billion) of assets belonging to the founding family of collapsed oil trader Hin Leong Trading (Pte.) Ltd, the company’s liquidator told creditors.

See: Singapore court approves winding up of oil trader Hin Leong: sources

Lim Oon Kuin and his family will be asked by lawyers representing liquidator Goh Thien Phong to disclose their assets to the court in the next few days, according to the email seen by Bloomberg News that was sent to creditors on Friday. The Lims may file an appeal against the asset-freeze order, Goh told creditors.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook