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Former Agritrade CFO & Singaporean Lulu Lim Beng Kim Sentenced to 20 Years Jail after Pleading Guilty to Cheating $469 Million in Trading Financing from Banks, Draws Annual Salary of S$400,000 & Did Not Personally Benefited

21st January 2023 | Singapore

Former commodities firm Agritrade International CFO (Chief Financial Officer) & Singaporean Lulu Lim Beng Kim had been sentenced to 20 years jail, after pleading guilty for cheating $469 million in trading financing losses from major banks (2016 to 2019) by submitting unaudited & false financial statements to receive the trade facilities.  In the defence from her lawyer, Lulu Lim Beng Kim (Age 63) had an annual salary of S$400,000 and did not personally benefited from the offence.  Singapore District Judge Kow Keng Siong took into account Lulu Lim Beng Kim did not do it for personal greed and is also not the mastermind, and passed the 20 years sentence (The 20 years sentence will be backdated to 2021 September when she was arrested after arriving in Singapore from UAE.)  Lulu Lim Beng Kim (as Agritrade International CFO) had submitted “audited” financial statements to 16 financial institutions (including ING, Natixis, MUFG, Maybank) and received more than $586 million in credit facilities (2017 to 2019), and ultimately causing a loss of around $469 million to the financial institutions.  In early 2020, Agritrade, which operates palm oil & coal mining business in Indonesia & China, came under financial strain due to the collapse in oil and coal prices.  In 2020, ING Bank submitted a filing against Ng Xinwei (CEO) and his father Ng Say Pek (Founder of Agritrade) for misrepresenting the financial information of the company.  

“ Former Agritrade CFO & Singaporean Lulu Lim Beng Kim Sentenced to 20 Years Jail after Pleading Guilty to Cheating $469 Million in Trading Financing from Banks, Draws Annual Salary of S$400,000 & Did Not Personally Benefited “

Former Agritrade CFO & Singaporean Lulu Lim Beng Kim Pleads Guilty for Cheating $469 Million in Trading Financing from Banks, Draws Annual Salary of S$400,000 & Did Not Personally Benefited

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Former Agritrade CFO & Singaporean Lulu Lim Beng Kim Pleads Guilty for Cheating $469 Million in Trading Financing from Banks, Draws Annual Salary of S$400,000 & Did Not Personally Benefited

16th December 2022 – Former commodities firm Agritrade International CFO (Chief Financial Officer) & Singaporean Lulu Lim Beng Kim had pleaded guilty for cheating $469 million in trading financing from major banks (2016 to 2019) by submitting unaudited & false financial statements to receive the trade facilities.  In the defence from her lawyer, Lulu Lim Beng Kim (Age 63) had an annual salary of S$400,000 and did not personally benefited from the offence.  In early 2020, Agritrade, which operates palm oil & coal mining business in Indonesia & China, came under financial strain due to the collapse in oil and coal prices.  In 2020, ING Bank submitted a filing against Ng Xinwei (CEO) and his father Ng Say Pek (Founder of Agritrade) for misrepresenting the financial information of the company.




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