Singapore sentences OK Lim to more than 17 years in prison

Lim Oon Kuin, the elderly founder of collapsed oil trading company Hin Leong Trading, was sentenced to 17 1/2 years in prison on Monday in a cheating case involving at least US$111.7 million.

Lim faced more than 100 charges and contested them at trial, but was found guilty of two counts of HSBC fraud and one count of abetting forgery.

His conviction involved two fraudulent transactions related to the sale of oil and the presentation of false documents that led HSBC to provide loans of at least US$111.7 million to Hin Leong.

On Monday, Lim’s lawyer said his client would appeal the sentence.

Deputy Prosecutors Christopher Ong, Kelvin Chong and Foo Shi Hao asked for a 20-year prison sentence for Lim. They had previously argued that the charges were “the worst possible examples of fraud” and could undermine confidence in Singapore’s oil trading industry.