Court rules three insurance policies worth over S$500,000 to be part of bankrupt estate of OK Lim’s son
The court has decided that three insurance policies worth half a million dollars, naming a granddaughter of oil tycoon Lim Oon Kuin as the insured, will be included in her father's bankrupt estate. Despite her claims, there was no evidence of a trust arrangement between her and her father.
A granddaughter of fallen oil tycoon Lim Oon Kuin, Michelle Lim, failed to convince the court that three insurance policies worth half a million dollars should not be part of her bankrupt father's estate.
Her father, Lim Chee Meng, became bankrupt in December 2024 after agreeing to pay US$3.5 billion to the liquidators of insolvent oil trader Hin Leong Trading and top creditor HSBC.
Despite Michelle Lim's claim that her father intended to hold the policies on trust for her, the court found no legal documentation or evidence to support this.
Michelle Lim's arguments were based on documents dated after the commencement of legal proceedings, which the court treated with caution.
The lack of direct evidence and legal documentation weakened her case, leading the court to dismiss her application.
According to the source: The Business Times.
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