SINGAPORE — Hin Leong founder Lim Oon Kuin was sentenced on Monday (Nov 18) to 17 years and six months jail for three charges of cheating and forgery in what prosecutors described as 'one of the most serious cases of trade financing fraud that have ever been prosecuted in Singapore'. The prosecution on Oct 15 sought a maximum sentence of...
Hin Leong founder Lim Oon Kuin arriving at the State Courts on Nov 18.SINGAPORE — Hin Leong founder Lim Oon Kuin was sentenced on Monday to 17 years and six months jail for three charges of cheating and forgery in what prosecutors described as "one of the most serious cases of trade financing fraud that have ever been prosecuted in Singapore".
The former oil tycoon was found guilty of cheating HSBC through employees of his "family business", by claiming that Hin Leong had entered into two contracts to sell oil to China Aviation Oil and Unipec Singapore, and then applying for discounting of these purported transactions.The court found that the two transactions were complete fabrications, concocted on Lim's directions, and the discounting applications were supported by forged or fabricated documentation.
The prosecution had asked for the two cheating sentences to run consecutively for a total of 20 years.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hin Leong oil tycoon OK Lim, 82, sentenced to 17.5 years' jailSINGAPORE: Lim Oon Kuin, the elderly founder of collapsed oil trading firm Hin Leong Trading, was on Monday (Nov 18) sentenced to 17-and-a-half years in jail in a cheating case involving at least US$111.7 million (S$150 million).
Read more »
Hin Leong founder O.K. Lim gets 17½ years’ jail for cheating, forgeryIt was “one of the most serious cases of trade financing fraud that have ever been prosecuted in Singapore”.
Read more »
Leong Mun Wai sums up debate on growing Singapore’s hawker cultureProgress Singapore Party is ready to support an amended motion on growing Singapore’s hawker culture, which NCMP Leong Mun Wai said is “not too different” from the original motion tabled by him.
Read more »
Wife of convicted Hin Leong founder puts up Queen Astrid Park GCB for sale at $100 millionSINGAPORE - The wife of convicted Hin Leong Trading founder Lim Oon Kuin has quietly put up for sale her Good Class Bungalow (GCB) in Queen Astrid Park for $100 million.
Read more »
Space for 16 cars: Queen Astrid Park GCB owned by O.K. Lim's wife put up for sale at $100mSINGAPORE — The wife of convicted Hin Leong Trading founder Lim Oon Kuin has quietly put up for sale her good class bungalow (GCB) in Queen Astrid Park for $100 million. The 999-year leasehold property was put on the market just days after the Lim family agreed to pay US$3.5 billion (S$4.6 billion) to liquidators of the now-defunct oil trading...
Read more »
Singapore is now 5th most internationally connected and influential city, up from 7th last year Singapore%
Read more »