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Court of Appeal: Hin Leong, Lim family claim ‘without any factual or legal basis’

The Lims were appealing against an earlier order to return USD 19.02 million they had transferred from Ocean Tankers, a sister company of Hin Leong.
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5 years ago

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OceanTankers

The Court of Appeal of the Republic of Singapore on Thursday (28 October) dismissed the case of the founder of Hin Leong Trading, Lim Oon Kuin, and his two children, according to The StraitsTimes.

The Lims were further ordered by the two-judge Court of Appeal to pay legal cost amounting USD 42,000 to the judicial managers on indemnity basis due to unreasonable conduct, amongst others.

The Lims were appealing against an order to return USD 19.02 million (SGD 25.6 million) they had transferred from Ocean Tankers, a sister company of collapsed oil trading giant Hin Leong.

The justices on Thursday described the Lim family’s attempt as an ill-advised attempt to seek a different outcome.

“The Lims’ arguments, with respect, were simply without any factual or legal basis, given the fact that they were simply irreconcilable with the contemporaneous documents placed before the court,”according to the court.

The court said Lims’ hired expert witnesses providing reasons regarding Ocean Tankers need to be considered solvent at a specific time.

“Apart from disregarding the admissions made in affidavits by the Lims, it can hardly be doubted that this has resulted in further unnecessary litigation that has tended to obfuscate rather than to illuminate,”it states.

The lawsuit was centred on two payments from Ocean Tankers to bank transactions relating to the Lims’ before the company filed for judicial management last year.

On 3 April last year, payment transaction was made through a joint account by Lim and his daughter while a 13 April transaction was paid to his personal account. These two payments made last year from Ocean Tankers approved by the two siblings were uncovered by the judicial managers.

A summary judgement was applied by the judicial managers asking the high court to rule in their favor without a full trial.

The Lim family explained that Ocean Tankers was either insolvent or close to insolvency at the time the payments were made.

The high court stated the Lims, as directors of Ocean Tankers, owed fiduciary duties to take into account the interests of its creditors to ensure that its assets were not dissipated or exploited for their own benefit.

Earlier developments regarding Ocean Tankers can be found below:

Related: Singapore: Ocean Tankers winding up application to be heard in court
Related: Ocean Tankers judicial managers progressing to liquidate firm after expiry of court order
Related: Singapore: Gulf Oil International to acquire Ocean Tankers lube oil blending facility
Related: First creditors meeting of Ocean Tankers to be held in early January 2021
Related: Ocean Tankers publishes notice for creditors to prove any debts or claims for publication
Related: Singapore: Ocean Tankers Tuas Terminal to undergo voluntary wind up
Related: Ocean Tankers to return most ships to owners to reduce $540,000 a day cash burn
Related: Managers of Ocean Tankers looking to recover USD 19 million from Lim family
Related: Ocean Tankers legal team publishes application to be placed under judicial management
Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed
Related: Judicial managers of Ocean Tankers discover discrepancies and fraud in exposure claims
Related: Judicial managers of Ocean Tankers to present restructuring proposals to owners

 

Photo credit: Manifold Times
Published: 29 October, 2021

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Winding up

Singapore: Final meeting scheduled for Tiger LNG Shipping Pte Ltd

Meeting will be held on 29 June at 190 Middle Road #17-05 Fortune Centre Singapore 188979 to hear any explanation that may be given by the liquidator, according to Government Gazette notice.
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Published

2 days ago

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June 2, 2026

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RESIZED Jo_Johnston from Pixabay

The final meeting for Tiger LNG Shipping Pte Ltd has been scheduled to take place on 29 June, according to the company’s liquidators on a notice posted on Friday (29 May) on the Government Gazette.

The meetings will be held at 10.30am at 190 Middle Road #17-05 Fortune Centre Singapore 188979. 

The meeting is being held for the purpose of having an account laid before the meeting showing the manner in which the winding up has been conducted and the property of the company disposed of, and of hearing any explanation that may be given by the liquidator.

The following are the details of the liquidator:

LUM CHI LUP BENNY
c/o 190 Middle Road
#17-05 Fortune Centre
Singapore 188979

 

Photo credit: Jo_Johnston from Pixabay
Published: 2 June, 2026

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Winding up

Singapore: Annual general meetings scheduled for Xin Guang Shipping and An Xing Shipping

Annual general meeting of the company and creditors for An Xing Shipping and Xin Guang Shipping will be held by electronic means on 11 June and 12 June respectively.

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Published

1 week ago

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May 28, 2026

By

Resized benjamin child

Several notices were published on the Government Gazette on Tuesday (26 May) regarding the annual general meetings of the companies and creditors to be held electronically from 5 to 6 May for Xin Guang Shipping Pte Ltd and An Xing Shipping Pte Ltd. 

Annual general meeting for Xin Guang Shipping are to be held on 12 June at the following times:

  • Annual general meeting of the Company at 2pm
  • Annual general meeting of the creditors of the Company at 3pm

Annual general meeting for An Xing Shipping are to be held on 11 June at the following times:

  • Annual general meeting of the Company at 2pm
  • Annual general meeting of the creditors of the Company at 3pm

The agenda for all the meetings are:

  • To receive an update on the liquidation.
  • To receive an account of the Liquidators’ acts and dealings, and of the conduct of the winding up.

The following are the details of the liquidator: 

Ho May Kee
Liquidator
c/o 8 Marina View
#40-04/05 Asia Square Tower 1
Singapore 018960

 

Photo credit: Benjamin Child
Published: 28 May, 2026

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Winding up

Singapore: Notice of intended dividend issued for Xihe Capital Pte Ltd

Xihe Capital Pte Ltd and its subsidiaries are owned by the Lim family, who are also the owners of the embattled Hin Leong Trading.
Admin

Published

1 week ago

on

May 25, 2026

By

RESIZED Drew Beamer

A notice to declare the intended dividend of Xihe Capital Pte Ltd to its creditors has been posted on the Government Gazette on Wednesday (15 April).

Xihe Capital Pte Ltd and its subsidiaries are owned by the Lim family, who are also the owners of the embattled Hin Leong Trading.

The following are the details of the notice of intended dividend:

Name of Company : XIHE CAPITAL (PTE.) LTD. (IN CREDITORS’ VOLUNTARY LIQUIDATION)

Unique Entity No. / Registration No. : 201727410K

Address of Registered Office : 10 ANSON ROAD, #10-10, INTERNATIONAL PLAZA SINGAPORE 079903

Last Day for Receiving Proofs : 5 June 2026

Name of Liquidator : TAM CHEE CHONG

Address : c/o 10 ANSON ROAD, #10-10, INTERNATIONAL PLAZA SINGAPORE 079903

 

Photo credit: Drew Beamer
Published: 25 May, 2026

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