To avoid bankruptcy, opposition leader Lim Tean submits cheques to repay loan

SINGAPORE — To avoid being made a bankrupt, opposition party leader Lim Tean submitted two cheques on Wednesday (Jan 16) to repay a loan of US$150,000 (about S$206,000) from a Chinese businessman and to settle other costs.

The loan repayment, inclusive of interest, to businessman Huang Min amounts to US$158,105.06. Mr Lim also has to settle legal costs amounting to S$9,717.28.

Mr Lim paid the two sums — along with post-judgment interest — via cheques sent to Mr Huang’s lawyers from Providence Law Asia on Wednesday, a day before the bankruptcy hearing scheduled on Thursday morning.

The hearing was adjourned for two weeks for Mr Huang’s lawyers to clear the cheques.

Earlier this week, Mr Lim withdrew his High Court appeal against the District Court’s order for him to repay the loan.

Mr Huang filed a bankruptcy application to the High Court on Dec 14 when he did not receive any repayment from Mr Lim.

Bankruptcy proceedings will throw into doubt Mr Lim’s ability to take part in the next General Election, due by early 2021. Undischarged bankrupts are not allowed to contest in an election.

Mr Lim did not respond to TODAY’s queries.

Formerly the secretary-general of the National Solidarity Party, Mr Lim, 53, recently founded a new party called People’s Voice. The party was registered on Oct 31 last year.