Lim Oon Kuin, 82, was convicted in May in a case that dented the city-state's reputation as a top Asian oil trading hub. His firm, Hin Leong Trading, was among Asia's biggest oil trading companies before its sudden and dramatic collapse in 2020.Sentencing him to 17 and a half years in jail, State Courts judge Toh Han Li said he agreed with the prosecution that the offences had the potential to undermine confidence in Singapore's oil trading industry. The amount involved "stood at the top-tier of cheating cases" in the city-state, a global financial hub, he said.The judge shaved off a year due to Lim's age but did not give any sentencing discount on account of his health, saying the Singapore Prison Service has adequate medical facilities. Lim, however, remained free on bail after his lawyers said they would file an appeal before the High Court.State prosecutors had sought a 20-year jail term, saying "this is one of the most serious cases of trade financing fraud that has ever been prosecuted in Singapore".The defence had argued for seven years imprisonment.

S'pore tycoon given 18 yrs jail for cheating

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{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.