SINGAPORE: The government gazette said Friday, December 27, that former oil tycoon Lim Oon Kuin, also known as OK Lim, and his two children had been declared bankrupt.
A judgment of US$3.5 billion (S$4.7 billion) was entered against the 82-year-old Lim and his two children, Lim Huey Ching and Evan Lim Chee Meng, in September. At that time, they said they would declare bankruptcy because they lacked sufficient assets to compensate all their claimants.
The bankruptcy order was published in the official gazette on Friday and went into force on December 19. BDO Advisory trustees Leow Quek Shiong and Seah Roh Lin will oversee their bankruptcy estates.
The choice to accept the ruling was made during a civil lawsuit against the Lim family, which liquidators started in August 2023. Although Lim and his two kids were supposed to testify throughout the trial, the consent judgment took precedence over that and ended the trial.
A consent judgment is intended to be the official outcome of a matter and a declaration of an agreement, and it is rendered with the permission of all parties concerned.
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