Hin Leong founder handed 17-year sentence in Singapore
OK Lim, chief executive of the oil trader, was found guilty on three counts of cheating and forgery in Singaporean court
Lim Oon Kuin (known as OK Lim) was accused of cheating global bank HSBC out of $111.6m through discounts made against fabricated oil contracts
THE founder of now-collapsed Singapore-based oil trader Hin Leong, Lim Oon Kuin, has been sentenced to 17 and a half years in prison by a Singaporean court.
Lim — better known as OK Lim — was convicted on three charges of cheating and forgery, the Straits Times reported.
He was found guilty of cheating global bank HSBC by claiming that Hin Leong had entered into two contracts to sell oil to China Aviation Oil and Unipec Singapore, and applied for discounting against these deals.
But the court heard that both transactions were fabricated. HSBC was deceived into paying Hin Leong $111.6m, $85m of which it is still missing, Straits Times reported.
State Courts judge Toh Han Li gave a one-year reduction on account of 82-year-old Lim’s age, but did not make any further reduction for Lim’s medical condition,which saw him appear in court in a wheelchair.
Instead, he said the sentence would have to act as a deterrent for other would-be offenders and said the offences would have affected the bunkering and oil trading sector because of Hin Leong’s size and stature in the sector.
Lim is appealing the conviction and sentence and his bail of $4m has been extended.