Hin Leong Founder Sentenced in Trade Fraud Case
Hin Leong Founder Sentenced in Trade Fraud Case

Hin Leong Founder Sentenced in Trade Fraud Case

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Lim Oon Kuin, founder of the now-defunct oil trading firm Hin Leong Trading, was sentenced to 17 and a half years in prison for orchestrating a significant trade financing fraud involving US$111.7 million. Known as O.K. Lim, the 82-year-old was convicted of cheating HSBC and instigating forgery through fabricated transactions with China Aviation Oil and Unipec Singapore. Despite his age and medical conditions, prosecutors argued for a stringent sentence due to the gravity of the offenses, which they claimed could undermine confidence in Singapore's oil trading industry. Lim faced over 100 charges initially and plans to appeal the sentence. The fraud scheme deceived HSBC into disbursing loans based on non-existent contracts, with US$85 million still outstanding. This case has heavily impacted Singapore's reputation as an oil trading hub and resulted in the liquidation of Hin Leong after it failed to restructure its debts.

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