Singapore Big Four law firm Drew & Napier has successfully represented liquidators in securing a $3.5 billion judgment against former oil tycoon Lim Oon Kuin, known as OK Lim, and his two children in Singapore's largest reported fraudulent trading case.
According to news reports, the Lim family consented to the judgment against them, marking a significant victory for the liquidators of Lim's defunct company, Hin Leong Trading.
The judgment was reached as Lim and his children, Lim Huey Ching and Evan Lim Chee Meng, announced their intention to file for bankruptcy due to insufficient assets. Cavinder Bull SC, CEO of Drew & Napier, was set to cross-examine the family when the decision was made.
Bull had previously argued that the Lims deliberately concealed Hin Leong's losses and falsely portrayed the company as profitable.
Hin Leong Trading, once one of Asia's largest oil traders, collapsed in 2020 amid allegations of $800 million in undisclosed losses. The $3.5 billion sought by liquidators represents the company's full unsecured debts as of April 2020.
The Singapore High Court has extended its worldwide freeze on the Lim family's assets until full payment is made or further orders are issued.
The Drew & Napier legal team representing the liquidators included Cavinder Bull, SC, directors Voon Jiet Chia, Bing Wen Sim, and Wesley Chan, associate director Kelly Tseng, senior associates Belle Tan, Clarissa Wong, and Nicholas Chng, and associates Ching Wei Chua and Foo Hsien Li (Kira).
Other law firms involved in the case included Davinder Singh Chambers representing OK Lim, Advocatus Law representing Lim Huey Ching, and Damodara Ong representing Evan Lim Chee Meng.
