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.
This story is from the October 16, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 16, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Ride on China growth story but tread cautiously, say experts
S'pore investors can go for diversified portfolio of stocks or China-related plays
S'pore-based Shein reportedly adds more banks to arrange London listing
Shein has added more banks to help arrange its potential initial public offering (IPO) that could value the online fashion retailer at £50 billion (S$85 billion), potentially one of the biggest listings in London in recent years, people familiar with the matter said.
Job seeker support scheme will be reviewed quarterly
Manpower Minister not ruling out further expanding the initiative after it is rolled out in April 2025
C&C, Gogoro launch electric scooters and charging stations
Cycle & Carriage Singapore (C&C) and Gogoro officially launched battery-swop electric scooters and charging stations in Singapore on Oct 16.
Boeing to raise up to $33b as strike weighs on finances
US aircraft manufacturer Boeing unveiled measures meant to replenish its cash flow on Oct 15, including an intention to raise up to US$25 billion (S$33 billion), as it navigates recurrent production problems and a major US strike.
NZ inflation slows to lowest rate since early 2021
New Zealand's annual inflation rate fell sharply in the third quarter, returning to the central bank's target band for the first time in more than three years.
Why are tech companies in S'pore laying off people?
Restructuring, rising employment cost and slow growth forecast among factors
Workers at Samsung's Tamil Nadu factory end strike
Workers of Samsung Electronics' Indian unit have decided to end a strike at its factory in the southern Indian state of Tamil Nadu, the company said on Oct 15, ending a labour protest that had continued for more than a month.
Widower shared account info with 'women' online, but they were scammers
Shortly after his wife died, a man shared details of his bank accounts with people he met online who claimed to be women, only to find out that some of the accounts were later used to handle scam proceeds.
All SIT graduates to get transcript of transferable skills
Move to go beyond academic grades will document students' mastery of 18 skills