HSBC Holdings is suing Hin Leong founder Lim Oon Kuin, his two children, and a manager of Hin Leong’s corporate affairs department, Serene Seng Hui Choo, in a bid to recover the US$85.3 million ($116.1 million), says The Straits Times on Nov 5.
The suit, which was filed on Oct 21 in the High Court, makes HSBC the first bank to take legal action against the Lims to recover its losses. The suit comes two months after Hin Leong’s interim judicial manager PricewaterhouseCoopers Advisory Services (PwC) filed its own lawsuit against the company.
