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SINGAPORE – Embattled oil tycoon Lim Oon Kuin, better known as O.K. Lim, and his two children have been sued by Hin Leong Trading judicial manager PricewaterhouseCoopers Advisory Services in its bid to recover US$3.5 billion (S$4.75 billion) plus another US$90 million in dividends the Lims allegedly paid themselves even though the company was insolvent.
In court documents seen by The Straits Times, judicial managers Goh Thien Phong and Mr Chan Kheng Tek accused O.K. Lim, his son Evan Lim Chee Meng and daughter Lim Huey Ching of breach of fiduciary duties as directors and fraudulent trading.
They were accused of “deliberately concealing (Hin Leong’s) losses and portraying it as a profitable company when in fact it was massively insolvent”.
The alleged fraudulent activity included “the creation of fictitious gains to conceal accumulated trading and other losses, the forgery of documents, the manipulation of Hin Leong’s accounts through irregular accounting entries, the overstatement of Hin Leong’s inventory and the obtaining of financing through improper means”.
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