The details of the agreement are set to be announced in a Singapore court on Monday. Lawyers representing the liquidators did not immediately reply to emailed requests seeking comments. Lim will issue a statement as soon as court proceedings come to a close, according to his lawyer, without commenting further.
The liquidators of Lim Oon Kuin’s collapsed oil trading empire are set to recover about US$3.5 billion ($4.48 billion) from the fallen tycoon and his children in order to end a Singapore civil lawsuit, according to people with knowledge of the matter.
In what is known as a consent judgement, the Lims will pay the billion-dollar sum with interest and costs to end the suit, the people said, asking not to be named discussing information that isn’t public yet. Hin Leong Trading Pte. and its court-appointed managers had sued the Lims to recover funds to pay its creditors.
