The dramatic downfall of fabled oil trading giant Hin Leong in 2020, which sent shockwaves through the oil community and was followed by four years of intense legal battles in the State Courts and High Court, culminated on Nov 18 in the sentencing of its octogenarian founder and oil trading legend Lim Oon Kuin to 17 years and six months' jail.
O.K. Lim, as the 82-year-old is better known, has appealed against his conviction and sentence, and his bail of $4 million has been extended.
Solutions Even with a one-third remission of his sentence, Lim would be released from prison only when he is 94 or 95 years old.
Kennedys Legal partner Robson Lee said that the sentence reflects the seriousness of the criminal convictions against Lim and that "the integrity and Singapore's reputation as a trade financing hub necessitates a robust enforcement of our laws against fraud and any acts of criminal conduct".
At his peak, Lim made the Forbes list of billionaires in 2014 with a net worth of US$1.8 billion.
But in April 2020, he dropped off the list after Hin Leong filed for bankruptcy protection, and he admitted he had directed the firm to hide about US$800 million (S$1.07 billion) in futures trading losses.
Following that, his empire crumbled. The Lim family said on Sept 30 that they would be filing for bankruptcy.
HOW EMPIRE UNRAVELLED
One of Singapore's biggest cases of trade financing fraud, the Hin Leong scandal came to light in 2020 amid an unprecedented collapse in international oil prices as the Covid-19 pandemic swept across the globe and a price war broke out between Saudi Arabia and Russia.
Hin Leong's foundations began crumbling when banks, spooked by defaults at other trading houses like Agritrade International, began withdrawing credit lines.
هذه القصة مأخوذة من طبعة November 22, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة November 22, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Star producer of NewJeans quits after legal spat with BTS agency
The South Korean super-producer behind the chart-topping girl group NewJeans resigned from her label on Nov 20, following a protracted legal battle with Hybe that has rocked the country's K-pop industry.
One Direction stars attend Liam Payne's funeral in UK
Family and friends of One Direction star Liam Payne, who died in October after falling from a Buenos Aires hotel room, gathered for his funeral in Britain on Nov 20.
Composer A.R. Rahman and wife separate after 29 years of marriage
Oscar-winning composer A.R. Rahman and his wife, Saira, have announced their decision to part ways after nearly 30 years of marriage.
Audemars Piguet joins hands with Kaws for groovy new drop
Audemars Piguet has teamed up with contemporary American artist Brian Donnelly - better known by his pseudonym Kaws - to create the Royal Oak Concept Tourbillon Companion, a 43mm titanium horological knockout which groovily fuses high watchmaking and pop art.
LOCAL DESIGNERS GET WICKED
Singapore fashion designers have created clothes and accessories in a Wicked collaboration between Design Orchard and NBCUniversal
Captain America excited to flaunt new powers
No serum? No problem. New Captain America Anthony Mackie goes on a different flight path in upcoming movie
SBA RESHUFFLE NETS KIM
S. Korea's ex-Asiad champ will become Singapore women's singles head coach
Yeo targets top-l O spot after maiden win over Sindhu
As far as giants go, they do not come taller in the badminton women's singles circuit than India's 1.79m P. V. Sindhu, who has a 2019 world title and an Olympic silver (Rio 2016) and bronze (Tokyo 2020) to match her stature.
Hearing-impaired Audelle, 10, is rising chess star
It was only when Audelle Sim was six years old that her parents found out that she has a hearing impairment.
THE BEST OF CHESS AND MORE
S,pore world c'ship's side events include fan zones with grandmasters and exhibitions
