Singapore's ex-oil tycoon Lim Kuin bankrupt after empire collapses

Former tycoon Lim Oon Kuin, the founder of Singapore-based oil trading company Hin Leong Trading Pte., has been declared bankrupt following the collapse of his oil trading empire. The bankruptcy order also applies to his children, who served as directors at the company. The company was accused of concealing over $800 million in losses, leaving over 20 banks with liabilities.