OK Lim sentenced to 17.5 years in prison for cheating and forgery, Singapore News

SINGAPORE — Hin Leong founder Lim Oon Kuin was sentenced to 17 years and six months in prison on Monday (Nov 18) on three charges of cheating and forgery, in what prosecutors described as “one of the most serious cases of trade finance fraud ever seen”. A lawsuit was filed in Singapore”.

The prosecution on October 15 imposed a maximum sentence of 20 years in prison for the 82-year-old, better known as OK Lim, whose crimes “impacted the delivery of financial services in Singapore and tarnished Singapore’s hard-earned reputation as Asia’s leading oil trading centre.” He demanded punishment. “.

Following a 62-day criminal trial, Lim, a legend in Singapore’s oil industry, was found guilty in May on two charges of cheating and one count of instigating forgery for the purpose of cheating. His $4 million bail was extended.

The former oil tycoon was found guilty of defrauding HSBC through employees of the “family business” by claiming Hin Leong had signed two contracts to sell oil to China Aviation Oil (Singapore) and Unipec Singapore and then applying for a discount on them. so-called transactions.

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The court found that the two transactions were completely fabricated, fabricated on Lim’s instructions, and that the discount applications were supported by forged or fabricated documents.

As a result, the bank was deceived into paying Hin Leong US$111.6 million ($146.1 million); of which US$85 million remained as total unpaid losses.

Deputy Public Prosecutor Christopher Ong said Lim’s two cheating charges were “the worst possible examples of cheating offences” and carried a 10-year prison sentence per charge, while the forgery charge carried a nine-year prison sentence.

The prosecution had asked for the two cheating sentences to run consecutively for a total of 20 years.

In response to Lim’s request for mitigation, which recommended a seven-year prison sentence, Mr Ong said: “Given the gravity of the offences, (Lim’s) age should not be given any weight. Even if mitigating weight is given… no more than one year should be reduced.”

He noted the amount of money cheated and damages caused, and how Lim’s crimes affected Singapore’s financial services and economic infrastructure, potentially undermining public confidence in the country’s oil industry.

On September 30, Lim and his two children, Evan Lim Chee Meng and Lim Huey Ching, agreed to pay US$3.5 billion to the liquidators of the now-defunct oil trading company.

However, in written statements made on the same day, the Lim family said that they did not have enough assets to pay the plaintiffs and that they would file for bankruptcy.

A hearing is scheduled for Nov. 26 in Superior Court to hear the family’s bankruptcy filing.

On September 30, the Supreme Court also gave the green light to the consent decree in which the Lim family sued HSBC Holdings for damages of US$85.3 million against themselves and Lim Oon Kuin’s personal assistant Serene Seng Hui Choo.

This brought an end to the 50-day civil trial involving the Lim family, with both cases heard jointly in the High Court.

This article first published in Straits Times. Permission is required for reproduction.