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Singapore: O.K. Lim, children faces liquidators and HSBC in USD 3.5 bil civil lawsuit

Liquidators of Hin Leong, are suing Lim Oon Kuin and his two children to recover USD 3.5 billion (SGD 4.7 billion) in alleged debt and USD 90 million in dividends they allegedly paid themselves.

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The Founder of Hin Leong Trading Lim Oon Kuin, also known as O.K. Lim, and his two children are facing the liquidators of Hing Leong and HSBC Holdings in a civil lawsuit trial that started on Thursday (10 August) at the Singapore High Court, according to The Straits Times

Mr Goh Thien Phong and Mr Chan Kheng Tek, the liquidators, are suing Lim, his son Evan Lim Chee Meng and daughter Lim Huey Ching to recover USD 3.5 billion (SGD 4.7 billion) in alleged debt and USD 90 million in dividends they allegedly paid themselves.

Both liquidators also alleged that the Lim family had breached their fiduciary duties as directors and engaged in fraudulent trading.

The trial is expected to run for about 180 days till mid-November with more than 60 witnesses expected to be called in by the plaintiffs to testify in the trial. 

HSBC Holdings alleged the defendants and O.K. Lim’s former personal assistant Madam Serene Seng “fabricated non-existent transactions” for it to disburse USD 111.7 million to Hin Leong. 

O.K. Lim lawyers countered the claim of Mrs Seng and Ms Katherine Ong, a former senior accounts executive in Hin Leong’s treasury department, who have been subpoenaed by the liquidators to testify that they were instructed by the elder Lim to prepare fictitious documents, by saying they “have no credibility”.

According to the former tycoon’s opening statements, both have demonstrated to be “untrustworthy witnesses” in a trial where he is facing cheating and forgery charges, which began in April. 

Mrs Seng is one of four defendants, along with three members of the Lim family, in a lawsuit filed by HSBC against the Lim family and a Hin Leong employee to recover USD 85.3 million of its USD 111.7 million exposure to Hin Leong.

Manifold Times in April previously reported the prosecution proceeded on three charges out of the total of 130 charges that O.K Lim is facing: Two counts of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of instigating a contracts executive of Hin Leong Trading to forge a false record.

The 130 charges were for the offences of cheating, abetment of forgery of a valuable security, and abetment of forgery. 

The three charges relate to HSBC previously alleging Lim had falsified documents in order to obtain credit from the bank. In October 2020, HSBC filed for legal action against the Lim family and a Hin Leong employee to recover USD 85.3 million of its USD 111.7 million exposure to Hin Leong.

In its filing, HSBC alleged that it was “fraudulently deceived” into lending USD 111.7 million by signing off a forged invoice for cargo sold to China Aviation Oil (CAO) for USD 56 million, the other for cargo sold to Unipec Singapore for USD 55.7 million.

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

Related: Former PA to Hin Leong Trading Founder found lying in CAD investigations
Related: Singapore: Hin Leong Trading Founder goes to trial for cheating, forgery charges
Related: Hin Leong Trading Founder faces additional 105 cheating, forgery charges in court
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Related: Singapore: Hin Leong Trading Director charged with obstructing course of justice
Related: Court of Appeal: Hin Leong, Lim family claim ‘without any factual or legal basis’
Related: Singapore: High Court dismisses UniCredit Bank USD 37 million claim against Glencore over Hin Leong transaction
Related: Singapore: Hin Leong takes Deloitte to court over alleged auditing failures
Related: Hin Leong Trading Founder OK Lim facing 23 new forgery-related charges at State Courts
Related: Application to wind up Hin Leong Trading subsidiary, Hin Leong Marine approved
Related: Singapore High Court approves Hin Leong Trading wind up order application
Related: Hin Leong Trading liquidates a third of its fleet to recover USD 3.5 billion debt
Related: Lim family aims to wind up Hin Leong Trading subsidiary, Hin Leong Marine
Related: Judicial Managers of Hin Leong Trading Pte Ltd file for winding up order
Related: Hin Leong judicial managers to hold meeting of creditors to discuss fees incurred
Related: Lim family files application to wind up Hin Leong Trading subsidiary, Hin Leong Marine
Related: First creditors meeting of Ocean Tankers to be held in early January 2021
Related: Bank of China takes legal action against BP Plc and Lim family to recover $312.9 million
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Related: Hin Leong Trading founder denies allegations of forgery put forward by HSBC
Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management
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Related: Hin Leong founder O.K. Lim hit with second charge of abatement in forgery
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Related: Winson Group wins ICC backing in dispute against banks over credit for Hin Leong Trading
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Related: Xihe replaces Directors, forms new management team to chart fresh course for Group
Related: Hin Leong Trading lawyers publish application to fulfill requirements for hearing to proceed
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Related: OCBC files for Xihe Holdings to be placed under judicial management
Related: Judicial managers of Ocean Tankers discover discrepancies and fraud in exposure claims
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Related: PwC probes uncover mass grave of financial skeletons and alleged fraud within HLT
Related: Winson Group seeks SGD 30.4 million from Standard Chartered over HLT related trade
Related: Winson Group seeks SGD 30.4 million from OCBC over credit pull in Hin Leong trade
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: Sembcorp commences legal proceedings against Hin Leong Trading over gasoil cargo
Related: Sembcorp Cogen aborts gasoil supply and storage contract with Hin Leong Trading
Related: Report: Sinopec expresses interest in Hin Leong Trading stake of Universal Terminal
Related: Report: Hin Leong Trading appoints PwC as interim judicial manager
Related: Singapore’s Police Force commence investigations into Hin Leong Trading
Related: Report: Hin Leong Trading founder gave instructions to hide USD 800 million losses
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Related: Hin Leong in debt restructuring exercise; Ocean Tankers a separate entity, says CEO
Related: Report: Hin Leong Trading finances under scrutiny, amid credit pull from two banks

 

Photo credit: Manifold Times
Published: 11 August, 2023

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Biofuel

NYK to launch Japan’s first antioxidant for biodiesel bunker fuel in August

When added to biofuel, BioxiGuard slows progression of oxidative degradation and helps deter issues such as metal corrosion, strainer blockage, and cleaning-system fouling often triggered by oxidised fuel.

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Japan’s first antioxidant by NYK for biodiesel bunker fuel set to release in August

Nippon Yuka Kogyo (Nippon Yuka), an NYK Group company specialising in chemical R&D as well as the manufacture and sale of chemical products, on Wednesday (21 May) announced the upcoming release of BioxiGuard, the Japan’s first antioxidant specially developed for marine biodiesel, from 10 August.

NYK said compared with conventional petroleum-based fuels, biofuel contains a higher proportion of unsaturated fatty acids, making it more susceptible to oxidative degradation. Once oxidised, the biofuel can produce acidic substances and sludge, adversely affecting vessel fuel efficiency by reducing the fuel’s calorific value.

Developed by Nippon Yuka based on property analyses of the biofuel used in NYK-operated vessels, BioxiGuard is specifically formulated to enhance the oxidation stability of biodiesel. When added to biofuel, BioxiGuard slows the progression of oxidative degradation and helps deter issues such as metal corrosion, strainer blockage, and cleaning-system fouling often triggered by oxidised fuel.

According to laboratory tests conducted by Nippon Yuka researchers, the addition of BioxiGuard at a concentration of 1 part per 500 resulted in an approximate 50% reduction in the rate of biofuel degradation compared to untreated biofuel. 

This significant improvement underscores the potential for vessel operators to not only extend the useful life of biofuel on board but also maintain more stable and cost-effective vessel operations.

 

Photo credit: NYK
Published: 22 May, 2025

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Wind-assisted

Dealfeng to equip Singapore-based Hung Ze’s chemical tankers with rotor sails

Project marks Chinese firm Dealfeng’s first overseas commercial contract for its wind-assisted propulsion technology which entails equipping a new series of 14,000 DWT chemical tankers with Dealfeng Rotor Sails.

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Singapore-based Hung Ze chemical tankers to be equipped with Dealfeng rotor sails

Dealfeng, a Chinese provider of wind-assisted propulsion systems, on Tuesday (20 May) said it has assigned a cooperation agreement with Singapore-based shipowner Hung Ze Shipping.

The partnership will equip a new series of 14,000 DWT chemical tankers with Dealfeng® Rotor Sails. 

Each vessel will feature a 5m x 24m Dealfeng Rotor Sail installed on its forecastle deck. Collaborating with maritime software leader NAPA, the project will utilise route optimisation systems to maximise the efficiency of wind-assisted voyages, further enhancing fuel savings and emissions reduction while improving overall energy performance.

“The first vessel in the series is scheduled for delivery with the rotor sail system in the fourth quarter of 2025. Preliminary calculations indicate that the technology will achieve approximately 8% fuel savings on the vessel’s trading routes,” the company said in a social media post. 

The project marked Dealfeng’s first overseas commercial contract for its wind-assisted propulsion technology.

Dealfeng, a clean energy technology company specialising in the R&D, manufacturing, and EPC services of shipborne energy-saving systems, has long focused on developing Wind Assisted Propulsion Systems (WAPS). Its core product, the Rotor Sail, harnesses wind energy via the Magnus effect to provide auxiliary propulsion for vessels. 

Tailored to different ship types, the system offers fuel and carbon emission reductions of 5%–25%, with even greater efficiency under favorable wind conditions. Dealfeng’s Rotor Sail technology has obtained certifications from multiple classification societies and has been successfully deployed across numerous vessels, accumulating years of operational experience that validate its safety, reliability, and effectiveness.

Hung Ze operates a diverse fleet ranging from 5,000 DWT vessels to MR product tankers. 

 

Photo credit: Dealfeng
Published: 22 May, 2025

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Newbuilding

Höegh Autoliners latest LNG dual-fuel PCTC en route to Shanghai for bunkering

The 9,100 CEU “Höegh Sunrise”, currently sailing the seas, is on its way to Shanghai for bunkering before sailing to Japan and then towards Europe.

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Höegh Autoliners latest LNG dual-fuel PCTC en route to Shanghai for bunkering

Höegh Autoliners on Tuesday (20 May) said its latest liquefied natural gas (LNG) dual-fuel pure car and truck carrier has departed China Merchants Heavy Industry’s yard, ready to commence its commercial operations.

The 9,100 CEU Höegh Sunrise, currently sailing the seas, is on its way to Shanghai for bunkering before sailing to Japan and then towards Europe. 

The PCTC is the fifth in a series of 12 Aurora Class vessels built by the shipyard in China. The first eight Auroras are or will be equipped with engines primed to run on LNG and low-sulphur oil. 

These vessels can be converted to run on ammonia later. By 2027, Höegh Autoliners said the four last vessels of the series will be able to run net zero on ammonia directly from the yard when delivered.

Manifold Times previously reported the naming ceremony of Höegh Autoliner’s fourth Aurora Class newbuild, Höegh Sunlight, at Taicang Haitong Auto Terminal.

Related: Höegh Autoliners names LNG-powered RoRo ship “Höegh Sunlight” in China|
Related: Gasum completes SIMOPS LNG bunkering operation of PCTC “Höegh Sunlight”

 

Photo credit: Höegh Autoliners
Published: 22 May, 2025

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