Hin Leong founder Lim Oon Kuin will be sentenced on Nov 18 for 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".
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".
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. His bail of $4 million has been extended until Nov 18.
The former oil tycoon was found guilty of cheating HSBC through employees of his "family business", by claiming that Hin Leong had entered into two contracts to sell oil to China Aviation Oil (Singapore) and Unipec Singapore, and then applying for discounting of these purported transactions.
The court found that the two transactions were complete fabrications, concocted on Lim's directions, and the discounting applications were supported by forged or fabricated documentation.
As a result, the bank was deceived into disbursing US$111.6 million (S$146.1 million) to Hin Leong, of which US$85 million remains its total outstanding loss.
Diese Geschichte stammt aus der October 16, 2024-Ausgabe von The Straits Times.
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