Lim Oon Kuin, also known as O.K. Lim, the founder of collapsed oil trading firm Hin Leong Trading, arrives at the State Courts, in Singapore April 30, 2021. Photo by Reuters
Singapore oil tycoon Lim Oon Kuin is facing 20 years in prison for deceiving lender HSBC in one of Singapore’s biggest trading scandals in the energy sector.
A prosecutor this week recommended the sentence to Lim (also known as OK Lim) on three counts, including instigating forgery and deceiving the bank of US$111.7 million, Channel News Asia reported.
His actions “affected the delivery of financial services in Singapore, and tarnished Singapore’s hard-earned reputation as Asia’s leading oil trading hub,” the prosecutor said.
He has been found guilty of cheating HSBC through employees of his “family business”, by claiming that his company Hin Leong had entered into two contracts to sell oil, even though the two transactions were complete fabrications, according to The Straits Times.
Lim’s lawyer, however, sought a 7-year sentence for the 82-year-old. He will be sentenced on Friday.
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