If the sale goes through, it could help monetize one of the biggest assets held by the Lim family, which is grappling with the fallout that’s hit Hin Leong amid allegations of fraud. The former heavyweight in global marine fuel trading owes US$3.5 billion ($4.67 billion) to more than 20 banks in one of the biggest commodities scandals in decades, while some creditors and court-appointed managers have taken legal action against the family to recover the money.
Singapore’s state-backed operator Jurong Port Pte. is in advanced talks to buy a stake in a petroleum storage hub from the family behind collapsed oil trader Hin Leong Trading Pte., according to people with knowledge of the situation.
The deal is for the roughly 40% stake in Universal Terminal held by the Lim family, the people said, asking not to be identified as the matter is private. The sale would still need to win support from Hin Leong’s creditors, one of the people said. It is unclear if other bidders who were previously exploring their own deals are still challenging Jurong Port for the stake.
