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.

The 82-year-old, also known as OK Lim, had orchestrated one of the most serious cases of trade finance fraud. SingaporeThe prosecutor had previously told the court.

Lim faced more than 100 charges and contested them at trial, but was convicted on two cheating charges HSBC 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, Senior Advocate Davinder Singh, said his client would appeal the sentence. Bail was set at S$4 million.

Lim arrived at the State Courts in a wheelchair pushed by a caretaker. He continued sitting in his wheelchair when his sentence was read to him.

Delivering the verdict, Chief District Judge Toh Han Li said Lim’s crimes involved a “staggeringly large” amount of money compared to other cheating cases in Singapore.

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