Oil tycoon unfit to be questioned for prolonged periods of time, say his lawyers

Embattled oil tycoon Lim Oon Kuin, better known as O.K. Lim, has not responded to interim judicial managers’ requests to explain irregularities he had identified in court documents, including the US$800 million (S$1.1 billion) in futures trading losses at his firm Hin Leong Trading.

The interim judicial managers have not been able to interview the Hin Leong founder at all as his lawyers from Davinder Singh Chambers stated that he is “unfit to be questioned for prolonged periods of time”. This is one of the factors that prompted the interim judicial managers to recommend that “continuous engagement between Hin Leong, the judicial managers and the Lim family” is required to ensure the company’s survival.

The interim judicial managers issued a notice on May 19 requiring Mr Lim to answer questions about his affidavit. But three days later, his lawyers said he was “suffering from various medical conditions, (is) in deteriorating health and unfit to be questioned for prolonged periods of time”.

He was asked to provide written answers. But on May 24, his lawyers said Mr Lim “would review the list of questions and that (he) intended to abide by his obligations in law”.

On May 26, his lawyers told the interim judicial managers that when Mr Lim is “medically able, and his doctors permit”, his lawyers would go through the questions with him.

No answers have been provided as of Monday, PwC said.

Grace Leong

Source: Read Full Article