Singapore’s OCBC Bank has filed an application for Xihe Holdings, the vessel-owning arm of the empire of oil trader and tanker owner Lim Oon Kuin, to be placed under judicial management.
Citing its strong distrust of Xihe’s management after allegedly fraudulent activities were uncovered at affiliated Hin Leong Trading, the bank asked the High Court of Singapore to appoint Seshadri Rajagopalan and Paresh Jotangia of Grant Thornton Singapore as interim judicial managers.
