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OK Lim Convicted in $111.7M Fraud, Faces 10-Year Sentence

OK Lim convicted on charges involving $111.7M, marking a significant turn in Hin Leong's scandalous collapse.

By Jack Wilson

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5/10, 05:52 EDT
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Key Takeaway

  • OK Lim, founder of Hin Leong Trading, convicted on three charges involving $111.7 million in fraud against HSBC.
  • Faces up to 10 years imprisonment per charge; sentencing set for October 3 with a $4 million bail extended.
  • Additionally embroiled in a $3.5 billion civil suit with creditors including HSBC and DBS Group Holdings.

The Fall of an Oil Tycoon

Lim Oon Kuin, the founder of the now-defunct Hin Leong Trading Pte., has been convicted of three criminal charges in a significant legal development in Singapore. The charges against Lim, known as OK Lim, include cheating HSBC Holdings Plc and instigating an employee to forge documents, involving a sum of $111.7 million. This conviction marks a pivotal moment in the saga of Hin Leong's collapse, which sent shockwaves through Singapore's oil trading and financing sectors in 2020.

Legal Battles and Financial Implications

In addition to the criminal charges, Lim, his two children, and former personal assistant Serene Seng face a civil suit in the High Court, with liquidators and creditors seeking $3.5 billion. This lawsuit underscores the vast financial stakes involved, highlighting the significant impact of Hin Leong's downfall on its lenders, including major financial institutions like HSBC and DBS Group Holdings Ltd. The ongoing trial in the High Court further complicates the legal landscape for Lim and his associates.

A Storied Career Ends in Scandal

At its zenith, Hin Leong was among Asia's largest suppliers of diesel and shipping fuel, embodying the success story of its founder, OK Lim. However, the company's collapse in 2020, amid a series of scandals in the trading industry, illustrates a dramatic fall from grace. Lim now faces 130 criminal charges of forgery and cheating, with the Singaporean authorities proceeding to trial on three of these charges. This legal action reflects the broader challenges and risks inherent in the commodities trading sector.