Hin Leong founder Lim Oon Kuin was sentenced to 17 years and six months' jail on three charges of cheating and forgery, in what prosecutors described as "one of the most serious cases of trade financing fraud that have ever been prosecuted in Singapore".
He will be appealing against the conviction and sentences imposed, and his bail of $4 million has been extended.
State Courts judge Toh Han Li, in a 68-page oral decision delivered on Nov18, found that "an aggregate sentence of 17 years, six months' imprisonment accords with the criminality of (Lim's) offences and is not crushing".
In determining the extent of harm done, the judge considered the amount of monies cheated, whether Lim's offences affected Singapore's financial services, and could have potentially undermined public confidence in Singapore's oil industry.
The prosecution on Oct 15 sought a maximum sentence of 20 years for the 82-year-old better known as O.K. Lim, whose offences "affected the delivery of financial services in Singapore, and tarnished Singapore's hard-earned reputation as Asia's leading oil trading hub".
Following a 62-day criminal trial, Lim, a legend in Singapore's oil industry, was convicted in May of two cheating charges and one count of instigating forgery for the purpose of cheating.
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