KUALA LUMPUR, May 11 (Bernama) -- Late selling pressure dragged Bursa Malaysia into negative territory at the close, reversing earlier gains as profit-taking in heavyweight banking and transportation counters dampen overall market sentiment. At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.75 points to 1,745.31 from Friday’s close of 1,748.06. The benchmark index, which opened 5.94 points firmer at 1,754.0, moved between 1,744.99 and 1,754.0 during the trading session. Market breadth was positive with gainers leading losers 562 to 558. A total of 636 counters were unchanged, 897 untraded, and 12 suspended. Turnover increased to 4.20 billion units worth RM3.17 billion compared with 3.31 billion units worth RM3.00 billion on Friday.
Former Singapore oil mogul Lim Oon Kuin and his children are set to pay $3.5 billion to the liquidators of Hin Leong Trading Pte. to settle a civil lawsuit aimed at recovering funds for the company's creditors. This settlement, known as a consent judgment, will also include interest and costs, marking a significant moment in the downfall of Lim's once-thriving oil trading empire, which was the largest independent oil trader in Singapore.
The legal action follows the collapse of Hin Leong in 2020, which left creditors, including major banks, with substantial losses. Among the affected, HSBC Holdings Plc has the largest exposure at $600 million, and the Lims are expected to proceed with similar settlements for other claimants.
This settlement marks an inglorious end to Lim's career, having built Hin Leong from scratch in 1973 into a major player in the oil trading sector, with interests spanning bunkering and storage businesses.
While this agreement resolves the civil suit, Lim's legal challenges are far from over. He is due to be sentenced later this week in a separate criminal trial for charges of cheating and forgery.
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