The court-appointed supervisor of Singapore Ocean Tankers (Pte) Ltd is looking for to recover concerning $19 million from the Lim household supervisors of the company, that apparently moved the funds from the delivery firm to their accounts in April, court files reveal.
The acting judicial supervisors from EY claimed the Lim household “breached their fiduciary duties” by moving the funds when Ocean Tankers was financially troubled.
Ocean Tankers, possessed by Oon Kuin Lim, creator of embattled oil company Hin Leong Trading Pte Ltd, and also his little girl Lim Huey Ching, was put under acting judicial monitoring on May 12.
The EY supervisors claimed in a declaration of insurance claim submitted in the Singapore High Court that the household had actually stopped working to make sure that the company’s possessions were not dissipated or manipulated for their very own advantage to the bias of the rate of interests of the company’s lenders.
It declared that O.K. Lim had actually advised Ocean Tankers to move the funds in 2 deals to himself, his little girl and also child Lim Chee Meng, a supervisor at the firm, claiming they were partial payments of an investor’s finance.
EY and also its legal representative in this situation, the Lim household’s legal representative and also Lim Chee Meng did not instantly reply to e-mails asking for remark.
Ocean Tankers applied for a financial obligation postponement on April 17 and after that judicial monitoring in very early May.
Under judicial monitoring, a court assigns independent supervisors to run the events of a monetarily troubled firm instead of existing monitoring, an action that is commonly considered positively by lenders.
Founded in 1978, Ocean Tankers takes care of and also runs a fleet of virtually 150 vessels varying from seaside barges to huge unrefined providers, which are mainly possessed by the Lim household, according to court files and also the firm’s site.
O.K. Lim was butted in Singapore court last Friday with abetment of bogus for the function of dishonesty.
Hin Leong, among Asia’s biggest oil investors, was put under the guidance of a court-appointed supervisor in April.
(Reporting by Jessica Jaganathan, extra coverage by Anshuman Daga: Editing by Florence Tan and also Neil Fullick)
