SINGAPORE: The founder of a failed Singapore oil trading company was sentenced Monday to nearly 18 years in jail for cheating banking giant HSBC out of millions of dollars in one of the country’s most serious cases of fraud.
Lim Oon Kuin, 82, better known as O.K. Lim, was convicted in May in a case that dented the city-state’s reputation as a top Asian oil trading hub.
His firm, Hin Leong Trading, was among Asia’s biggest oil trading companies before its sudden and dramatic collapse in 2020.
Sentencing him to 17 and a half years in jail, State Courts judge Toh Han Li said he agreed with the prosecution that the offenses had the potential to undermine confidence in Singapore’s oil trading industry.
The amount involved “stood at the top-tier of cheating cases” in the city-state, a global financial hub, he said.
The judge shaved off a year due to Lim’s age but did not give any sentencing discount on account of his health, saying the Singapore Prison Service has adequate medical facilities.
Lim, however, remained free on bail after his lawyers said they would file an appeal before the High Court.
State prosecutors had sought a 20-year jail term, saying “this is one of the most serious cases of trade financing fraud that has ever been prosecuted in Singapore.”
The defense had argued for seven years imprisonment, playing down the harm caused by Lim’s offenses and citing his age and poor health.
The businessman faced a total of 130 criminal charges involving hundreds of millions of dollars, but prosecutors tried and convicted him on just three – two of cheating HSBC, and a third of encouraging a Hin Leong executive to forge documents.
Prosecutors said he tricked HSBC into disbursing nearly $112 million by telling the bank that his firm had entered into oil sales contracts with two companies.
The transactions were, in fact, “complete fabrications, concocted on the accused’s directions,” prosecutors said, adding that his actions “tarnished Singapore’s hard-earned reputation as Asia’s leading oil trading hub.”
Lim built Hin Leong from a single delivery truck shortly before Singapore became independent in 1965.
It grew into a major supplier of fuel used by ships, and its rise in some ways mirrored Singapore’s growth from a gritty port to an affluent financial hub.
The firm played a key role in helping the city-state become the world’s top ship refueling port, observers say, and it expanded into ship chartering and management with a subsidiary that has a fleet of more than 150 vessels.
But it came crashing down in 2020 when the coronavirus pandemic plunged oil markets into unprecedented turmoil, exposing Hin Leong’s financial troubles, and Lim sought court protection from creditors.
In a bombshell affidavit seen by AFP in 2020, Lim revealed the oil trader had “in truth... not been making profits in the last few years” – despite having officially reported a healthy balance sheet in 2019.
He admitted that the firm he founded after emigrating from China had hidden $800 million in losses over the years, while it also owed almost $4 billion to banks.
Lim took responsibility for ordering the company not to report the losses and confessed it had sold off inventories that were supposed to backstop loans.
Disgraced Singapore oil tycoon sentenced to nearly 18 years for fraud
https://arab.news/zzf96
Disgraced Singapore oil tycoon sentenced to nearly 18 years for fraud
- Lim Oon Kuin was convicted in May in a case that dented the city-state’s reputation as a top Asian oil trading hub
- His firm was among Asia’s biggest oil trading companies before its sudden and dramatic collapse in 2020
Supporters of Venezuelan opposition leader María Corina Machado march in cities worldwide
- Machado went into hiding and has not been seen in public since January
CARACAS: Supporters of Venezuelan opposition leader María Corina Machado demonstrated Saturday in several cities worldwide to commemorate her Nobel Peace Prize win ahead of the prestigious award ceremony next week.
Dozens of people marched through Madrid, Utrecht, Buenos Aires, Lima and other cities in support of Machado, whose organization wants to use the attention gained by the award to highlight Venezuela’s democratic aspirations. The organization expected demonstrations in more than 80 cities around the world on Saturday.
The crowd in Lima carried portraits of Machado and demanded a “Free Venezuela.” With the country’s yellow, blue and red flag draped over their backs or emblazoned on their caps, demonstrators clutched posters that read, “The Nobel Prize is from Venezuela.”
Venezuelan Verónica Durán, who has lived in Lima for eight years, said Machado’s Nobel Peace Prize is celebrated because “it represents all Venezuelans, the fallen and the political prisoners in their fight to recover democracy.”
The gatherings come at a critical point in the country’s protracted crisis as the administration of US President Donald Trump builds up a massive military deployment in the Caribbean, threatening repeatedly to strike Venezuelan soil. Venezuela’s President Nicolás Maduro is among those who see the operation as an effort to end his hold on power, and the opposition has only added to this perception by reigniting its promise to soon govern the country.
“We are living through times where our composure, our conviction, and our organization are being tested,” Machado said in a video message shared Tuesday on social media. “Times when our country needs even more dedication because now all these years of struggle, the dignity of the Venezuelan people, have been recognized with the Nobel Peace Prize.”
Machado won the award Oct. 10 for her struggle to achieve a democratic transition in the South American nation, winning recognition as a woman “who keeps the flame of democracy burning amid a growing darkness.”
Machado, 58, won the opposition’s primary election and intended to run against Maduro in last year’s presidential election, but the government barred her from running for office. Retired diplomat Edmundo González, who had never run for office before, took her place.
The lead-up to the July 28, 2024, election saw widespread repression, including disqualifications, arrests and human rights violations. It all increased after the country’s National Electoral Council, which is stacked with Maduro loyalists, declared him the winner despite credible evidence to the contrary.
González sought asylum in Spain last year after a Venezuelan court issued a warrant for his arrest.
Meanwhile, Machado went into hiding and has not been seen in public since Jan. 9, when she was briefly detained after joining supporters in what ended up being an underwhelming protest in Caracas, Venezuela’s capital. The following day, Maduro was sworn in for a third six-year term.
