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.
Denne historien er fra November 22, 2024-utgaven av The Straits Times.
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Denne historien er fra November 22, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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