Lim Oon Kuin, the founder of bust Singapore oil trader Hin Leong Trading, is appealing a court order to return $19m his family transferred from subsidiary Ocean Tankers just before it filed for protection last year.
Singapore’s High Court approved a request last week to freeze as much as $3.5bn of assets worldwide belonging to the Lim family.
The collapse of Hin Leong was one of the largest corporate failures seen in Southeast Asia for a decade. Lim stands accused of multiple forgery incidents.
According to court documents 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”.
Lim has admitted Hin Leong hid some $800m in losses incurred from futures trading over a 10-year period.