The 50-day trial involving Founder of Hin Leong Trading, Lim Oon Kuin, also known as O.K. Lim, and his two children approached its conclusion with the trio agreeing to pay USD 3.5 billion to the liquidators of the Singapore-based defunct oil trading company Hin Leong Trading, according to The Straits Times on Tuesday (1 October). 

The High Court also approved a consent judgement that the Lim family reached with HSBC Holdings which had sued them and Lim’s personal assistant Serene Seng Hui Choo for USD 85.3 million in damages.

Both cases were jointly heard in the High Court. 

In the judgement reached by both parties, the family including Lim’s children, Evan Lim Chee Meng and Lim Huey Ching, have to pay the sum of USD 3.5 billion plus interest at 5.33% per annum – from April 2020 to the date of payment – and costs.

However, in written statements, the family stated they do not have enough assets to pay the claimants and will be applying for bankruptcy. 

They’ve also said they are not admitting liability for the allegations against them despite consenting to the judgement. 

The three were sued in August 2020 by judicial managers PricewaterhouseCoopers Advisory Services for breaching fiduciary duties as directors and fraud. In a court filing, the judicial managers were looking to recover USD 3.5 billion on top of another USD 90 million in dividends which the trio had allegedly paid themselves despite the company being insolvent.

HSBC is reportedly still pursuing its case against Seng, who is unrepresented. A two-day trial on 15 and 16 October is scheduled for HSBC's closing submissions against her to be heard.

Lim is scheduled to be sentenced on 15 October. He faces a jail term of up to 10 years and will also be liable to a fine for each charge of cheating and forgery.

An extensive coverage by Singapore bunkering publication Manifold Times regarding the fall of Hin Leong can be found below:

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Related: Singapore: Hin Leong Trading Founder found guilty of cheating and instigating forgery charges
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Related: Singapore: O.K. Lim, children faces liquidators and HSBC in USD 3.5 bil civil lawsuit
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Related: Singapore: Hin Leong Trading Founder goes to trial for cheating, forgery charges
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Related: Application to wind up Hin Leong Trading subsidiary, Hin Leong Marine approved
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Photo credit: Manifold Times
Published: 2 October, 2024 

The Maritime and Port Authority of Singapore (MPA) on Tuesday (17 September) in a port marine circular (PMC) said it has extended the bunkering licences of Sentek Marine & Trading Pte Ltd (Sentek) for a limited amount of time.

“The bunker supplier and bunker craft operator licences of Sentek Marine & Trading Pte Ltd have been extended on an interim basis, pending the final disposal of the appeals by Sentek Marine & Trading Pte Ltd.,” stated PMC No. 11 of 2024.

In early September, MPA said it will not be renewing the bunkering licences of Sentek, which will expire on 17 September.

In late August, Manifold Times reported the General Division of the High Court dismissing an application from Sentek to quash MPA’s refusal to renew its bunker supplier and bunker craft operator licenses (Licenses).

However, a Sentek representative told Manifold Times it is planning to appeal the High Court decision.

Related: MPA: Sentek Marine & Trading bunkering licenses to cease from 18 September
Related: Singapore: Sentek application to quash MPA’s refusal to renew bunkering licences dismissed

 

Photo credit: Manifold Times
Published: 17 September 2024

The Maritime and Port Authority of Singapore (MPA) on Wednesday (4 September) said it will not be renewing the bunker supplier and bunker craft operator licences of Sentek Marine & Trading Pte Ltd (Sentek), which will expire on 17 September.

“On and from 18 September 2024, Sentek Marine & Trading Pte Ltd will cease to be licensed and must not continue to operate as a bunker supplier and bunker craft operator within the Singapore Port,” MPA said in a port marine circular. 

MPA reminded all bunker licensees, including bunker suppliers and bunker craft operators, to comply strictly with all the terms and conditions of the respective bunker licence(s).

“MPA will not hesitate to take firm action against any licensee that contravenes any of its bunker licence terms and conditions, including taking into account such contraventions in considering whether to renew the bunker licence(s), suspending or cancelling the bunker licence(s), and/or taking enforcement action against any such bunker licensee," it warned. 

MPA did not state any reason for the decision of not renewing Sentek’s bunkering licences. 

However, Manifold Times recently reported the General Division of the High Court dismissing an application from Sentek to quash MPA’s refusal to renew its bunker supplier and bunker craft operator licenses (Licenses).

Both Licenses were due to expire on 28 February 2023, and Sentek applied to the MPA on 16 January 2023 for them to be renewed. After a series of further correspondence, MPA informed Sentek on 1 April 2024 the Licences would not be renewed and would expire on 31 May 2024.

The decision to not renew Sentek’s Licenses was due to alleged breaches of the terms and conditions of the Licences in 2016 and 2017.

In response to MPA’s decision of 1 April 2024, Sentek on May 2024 applied to the High Court for a mandatory order requiring MPA to consider Sentek’s bunkering licenses applications afresh while preventing the cancellation of its existing Licenses.

Permission for judicial review was later granted on 11 July 2024.

Manifold Times understands from a Sentek representative the company is planning to appeal the High Court decision.

Related: Singapore: Sentek application to quash MPA’s refusal to renew bunkering licences dismissed

 

Photo credit: Manifold Times
Published: 5 September, 2024