Lim Oon Kuin Sentenced to 17.5 Years for Fraud

Lim Oon Kuin, an 82-year-old oil tycoon and founder of Hin Leong Trading, was sentenced to 17.5 years in prison for cheating HSBC out of $111.7 million in one of Singapore's most significant fraud cases. Convicted of two counts of cheating and one count of abetting forgery, Lim's actions, which involved using forged documents for bogus oil transactions, have damaged Singapore's reputation as a leading oil trading hub. The judge emphasized the need for a deterrent sentence to maintain confidence in the financial ecosystem, noting the staggering amount involved in Lim's fraud. While prosecutors sought a 20-year sentence, the judge reduced it due to Lim's age but did not consider his health a mitigating factor. Lim has appealed the sentence and is currently out on bail set at S$4 million. The case highlighted the severe implications of fraud in the financial services sector and raised concerns about the integrity of Singapore's trade financing practices.