Members of the Lim family are taking action to restrain Singaporean law firm Rajah & Tann (R&T) from working for court-appointed supervisors of Hin Leong Trading (HLT) and Ocean Tankers Pte Ltd (OTPL) that are being restructured, reports Reuters.
UK based accounting firm PricewaterhouseCoopers (PwC) was appointed HLT’s interim judicial manager (IJM) in April following its financial crash, and subsequently Ernst & Young LLP was appointed for OTPL in May.
Siblings Evan Lim Chee Meng and Lim Huey Ching, directors of OTPL and HLT, have filed an application on behalf of the two companies to inhibit R&T from taking any action on behalf of the companies’ judicial managers.
“R&T sees no legal or factual basis for the position now taken by the members of the Lim family purportedly acting as directors of the two companies,” the law firm allegedly informed Reuters in a statement.
According to the Lims’ court filing, R&T has long been the family’s legal advisor and has access to an array of confidential documents that are at risk of being abused by R&T in order to benefit the supervisors to the detriment of the Lim family.
These confidential documents include management accounts, shareholders’ agreements, loan agreements and charter agreements related to vessels within the Lim family-owned network of companies.
R&T reportedly responded by stating that it only acted on behalf of OTPL and HLT with regards to the application and appointment of interim judicial managers, afterwhich R&T would continue acting on behalf of the two companies and appointed IJM’s “subject to certain conditions which ensured that there would not be a conflict of interest or abuse of confidential information”.
A hearing for the case will allegedly be held on Tuesday, 11 August.
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
Related: Ocean Tankers: Notice to prove debt or claim published by interim judicial managers
Related: ‘Reasonable prospects’ to keep Ocean Tankers as a going concern, states Director
Related: Singapore: Ocean Tankers, a separate entity of Hin Leong, seeking judicial management
Related: Singapore High Court concedes interim judicial management to Hin Leong Trading
Related: Report: Hin Leong Trading appoints PwC as interim judicial manager
Photo credit: Manifold Times
Published: 27 July, 2020
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