Lim Oon Kuin

The application to the High Court of Singapore was filed early last month.

Hin Leong Trading triggered one of the biggest scandals in the oil industry this century.

An HSBC spokesman declined to comment.

The suit, which was filed on Oct 21 in the High Court, makes HSBC the first bank to take legal action against the Lims.

The impasse signals that the banks, which also include Singapore’s DBS Group Holdings Ltd., may face a long battle to recover any money from the insolvent firm.

Pricewaterhouse Coopers Advisory Services (PwC), which is the judicial manager of Hin Leong Trading, has sued Hin Leong founder Lim Oon Kuin (also known as OK Lim) and his two children.

Quoteworthy: “This can’t be another woulda, coulda, shoulda election. No matter what, vote.” –— Hilary Clinton, who is urging Americans to make their views count at the ballot box.

Oil tycoon Lim Oon Kuin (also known as O.K. Lim), who is also the founder of Hin Leong Trading, was charged in court on August 14 with the abetment of forgery for the purpose of cheating.

Quoteworthy: “It’s not like we had a fight. This was perfectly amicable.” –— SoftBank Group founder Masayoshi Son, pre-empting speculation of a fallout with Alibaba Group’s Jack Ma. They are quitting each other’s boards.

The spectacular collapse of Singapore oil trader Hin Leong Trading (Pte) Ltd. has sparked another legal skirmish between one of its banks and a trading rival.