Hin Leong Owners Try to Block OCBC From Picking at Shipping Units

The family that owns beleaguered Singaporean oil trader Hin Leong Trading (HLT) is seeking to block a request from creditor OCBC that overseers be appointed for Xihe Holdings and four of the family’s other subsidiaries to recoup its debt, Reuters reported. Oversea Chinese Banking Corp (OCBC) applied last week for the Singapore High Court to appoint judicial managers over Xihe, owned by the family of Hin Leong founder Lim Oon Kuin, known as O.K. Lim. Kenny Lim Oon Cheng, Xihe Holdings interim chief executive, said in a July 28 affidavit reviewed by Reuters that granting OCBC’s request will “disrupt the constructive discussions that the Xihe Group has had with third parties including lenders”. It could also result in a fire sale of its assets and “a destruction of value” for shareholders including lenders, he added. Read more