One of Singapore's largest independent oil traders, the firm collapsed in 2020 amid allegations of $800 million in undisclosed losses.
[6] However, as the coronavirus crisis worsened into a pandemic and amidst plunging crude oil prices, the company faced pressure to make partial loan repayments amounting to billions of dollars; despite selling off oil pledged as collateral, the company was still unable to raise enough money to pay down its loans.
[9] Having initially filed for bankruptcy protection under Section 211B of Singapore's Companies Act with the High Court of Singapore on 17 April 2020,[10] Hin Leong subsequently sought for "judicial management" under independent accounting firm PricewaterhouseCoopers (PwC), which would oversee the restructuring of Hin Leong's debt.
[12] Lim resigned from Hin Leong on 17 April 2020, while stating that he wished for his children to remain as directors of the company.
[17] On 18 November 2024, Lim Oon Kuin was sentenced to 17 years and 6 months of jail for three charges of cheating and forgery.