Sembcorp Cogen settles with Hin Leong founder Lim for US$50.9m

It will lodge a claim with the bankruptcy trustees of the Lims after the settlement approval.

Sembcorp Industries' subsidiary, Sembcorp Cogen, has settled with Hin Leong Trading (HLT) founder Lim Oon Kuin and two family members for US$50.9m.

In a bourse filing, Sembcorp said its subsidiary accepted the settlement offer and entered a consent order.

In April 2020, Sembcorp Cogen filed a suit against Lim over gasoil it acquired from HTL and stored with Universal Terminals.

After the court approves the settlement, Sembcorp Cogen will lodge a claim for US$50.9m with the bankruptcy trustees of the Lims.

Meanwhile, Sembcorp Cogen will still pursue its claims against UT, regardless of the settlement.