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.
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Disgraced Singapore oil tycoon sentenced to nearly 18 years for fraud
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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
Vietnam’s ruling Communist Party re-elects To Lam as general secretary
HANOI: Vietnam’s leader To Lam was re-elected Friday as the general secretary of its ruling Communist Party, securing a new five-year term in the country’s most powerful position and pledging to rev up economic growth in the export powerhouse.
Lam, 68, was reappointed unanimously by the party’s 180-member Central Committee at the conclusion of the National Party Congress, the country’s most important political conclave.
In a speech, he said he wanted to build a system grounded in “integrity, talent, courage, and competence,” with officials to be judged on merit rather than seniority or rhetoric.
No announcement was made about whether Lam will also become president. If he were to get both positions, he would be the country’s most powerful leader in decades, similar to Chinese leader Xi Jinping.
The Congress was framed by Vietnam’s defining national question: whether the country can transform itself into a high-income economy by 2045. During the meeting, Vietnam set a target of average annual GDP growth of 10 percent or more from 2026 to 2030.
The gathering brought together nearly 1,600 delegates to outline Vietnam’s political and economic direction through 2031. It also confirmed a slate of senior appointments, electing 19 members to the Politburo, the country’s top leadership body.
Beyond settling the question of who will lead Vietnam for the coming years, the Congress will also determine how the country’s single-party system responds to world grown increasingly turbulent as China and the United States wrangle over trade and Washington under President Donald Trump challenges a longstanding global order.
Vietnam’s transformation into a global manufacturing hub for electronics, textiles, and footwear has been striking. Poverty has declined and the middle class is growing quickly.
But challenges loom as the country tries to balance rapid growth with reforms, an aging population, climate risks, weak institutions and US pressure over its trade surplus. At the same time it must balance relations with major powers. Vietnam has overlapping territorial claims with China, its largest trading partner, in the South China Sea.
Lam has overseen Vietnam’s most ambitious bureaucratic and economic reforms since the late 1980s, when it liberalized its economy. Under his leadership, the government has cut tens of thousands of public-sector jobs, redrawn administrative boundaries to speed decision-making, and initiated dozens of major infrastructure projects.
Lam spent decades in the Ministry of Public Security before becoming its minister in 2016. He led an anti-corruption campaign championed by his predecessor, Nguyen Phu Trong. During his rise, Vietnam’s Politburo lost six of its 18 members during an anti-graft campaign, including two former presidents and Vietnam’s parliamentary head.
Lam, 68, was reappointed unanimously by the party’s 180-member Central Committee at the conclusion of the National Party Congress, the country’s most important political conclave.
In a speech, he said he wanted to build a system grounded in “integrity, talent, courage, and competence,” with officials to be judged on merit rather than seniority or rhetoric.
No announcement was made about whether Lam will also become president. If he were to get both positions, he would be the country’s most powerful leader in decades, similar to Chinese leader Xi Jinping.
The Congress was framed by Vietnam’s defining national question: whether the country can transform itself into a high-income economy by 2045. During the meeting, Vietnam set a target of average annual GDP growth of 10 percent or more from 2026 to 2030.
The gathering brought together nearly 1,600 delegates to outline Vietnam’s political and economic direction through 2031. It also confirmed a slate of senior appointments, electing 19 members to the Politburo, the country’s top leadership body.
Beyond settling the question of who will lead Vietnam for the coming years, the Congress will also determine how the country’s single-party system responds to world grown increasingly turbulent as China and the United States wrangle over trade and Washington under President Donald Trump challenges a longstanding global order.
Vietnam’s transformation into a global manufacturing hub for electronics, textiles, and footwear has been striking. Poverty has declined and the middle class is growing quickly.
But challenges loom as the country tries to balance rapid growth with reforms, an aging population, climate risks, weak institutions and US pressure over its trade surplus. At the same time it must balance relations with major powers. Vietnam has overlapping territorial claims with China, its largest trading partner, in the South China Sea.
Lam has overseen Vietnam’s most ambitious bureaucratic and economic reforms since the late 1980s, when it liberalized its economy. Under his leadership, the government has cut tens of thousands of public-sector jobs, redrawn administrative boundaries to speed decision-making, and initiated dozens of major infrastructure projects.
Lam spent decades in the Ministry of Public Security before becoming its minister in 2016. He led an anti-corruption campaign championed by his predecessor, Nguyen Phu Trong. During his rise, Vietnam’s Politburo lost six of its 18 members during an anti-graft campaign, including two former presidents and Vietnam’s parliamentary head.
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