Former oil tycoon Lim Oon Kuin, founder of Hin Leong Trading, has been declared bankrupt in Singapore alongside his children, who were company directors. A bankruptcy order was issued on December 19, according to the government gazette. Hin Leong, once a major oil trader, collapsed in 2020 amid COVID-19’s impact on oil prices. The company was accused of concealing over USD800m in losses, leaving creditors, including 20 banks, with significant liabilities. In September, Singapore’s High Court approved a USD3.59bn settlement between the Lims, the company’s liquidators, and creditor HSBC Holdings. Separately, Lim, 82, was recently sentenced to jail for fraud and forgery but has filed an appeal. Trustees from BDO Advisory have been appointed to oversee the bankruptcy.