Singapore Court Convicts Oil Tycoon Lim Oon Kuin Guilty of Cheating & Instigating Forgery with Sentencing Date Set on 3rd October 2024, Presented 2 Forged Oil Contracts of China Aviation Oil & Unipec Singapore to Apply for $111.7 Million Financing from HSBC, Trial Began on 10th August 2023 for Fraud over Collapsed Hin Leong Trading with $3.5 Billion Owed to Banks, Children Evan Lim & Lim Huey Ching Included in Trial & Also Jointly Responsible for All Debts
16th May 2024 | Hong Kong
A Singapore court has convicted oil tycoon Lim Oon Kuin guilty of cheating & instigating forgery with sentencing date set on 3rd October 2024, presenting 2 forged oil contracts of China Aviation Oil & Unipec Singapore to apply for $111.7 million financing from HSBC. In 2023, Singapore oil tycoon Lim Oon Kuin court trial began on 10th August 2023 for fraud over collapsed Hin Leong Trading with $3.5 billion owed to banks including $111.7 million from HSBC for invoice financing. Lim Oon Kuin children Evan Lim (Son) and Lim Huey Ching (Daughter) are also included in the trial and are jointly responsible for all debts. The liquidators are seeking to recover the $3.5 billion to pay off the company’s debt including $90 million dividends to be returned, and the company had been “insolvent” since 2012. Lim Oon Kuin is charged for cheating HSBC and instigating an employee to forge false contract record, involving $111.7 million from HSBC. In 2020 April, Hin Leong Trading informed HSBC that it is facing liquidity issues and his 2 children Lim Huey Ching and Lim Chee Meng joined in a teleconference call with HSBC. HSBC was informed of a miscommunication for invoice financing of contracts with CAO and Unipec, but the contracts had not finalised with CAO and Unipec. In the same month in 2020 April, Commercial Affairs Department of the Singapore Police Force opened an investigation and HSBC contacted CAO and Unipec (20/4/20) but were told the transactions did not occur. The next day (21/4/20), HSBC lodged a police report for false invoice financing documents submitted. Lim Oon Kuin is currently on bail for S$4 million. Lim Oon Kuin founded Hin Leong in 1963 at age 20, and in 2020, had a net worth of around $2 billion. Singapore Police Force (10/5/24): “On 10 May 2024, Lim Oon Kuin (“Lim”), founder of Hin Leong Trading (Pte) Ltd (“Hin Leong”), was convicted on two charges of cheating under Section 420 of the Penal Code (“Penal Code”) and one charge of instigating forgery for the purpose of cheating under Section 468 read with Section 109 of the Penal Code after a trial of over 60 days. Background – Lim was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions. A total of 130 charges were eventually brought against him for cheating and forgery-related offences, and Lim claimed trial to these charges. The trial proceeded on three charges 1) Two charges of cheating under Section 420 of the Penal Code, and, 2) One charge of instigating forgery for the purpose of cheating under Section 468 read with Section 109 of the Penal Code. These three charges concern two fraudulent discounting applications made by Hin Leong to the Hongkong and Shanghai Banking Corporation Limited (“HSBC”), pursuant to which HSBC disbursed a total of USD 111,683,939 to Hin Leong. The rest of the charges were stood down pending resolution of the trial. The court found that Lim had, through Hin Leong employees, cheated HSBC by representing to the bank that Hin Leong had entered into two contracts for the sale of oil, with China Aviation Oil (Singapore) Corporation Ltd and Unipec Singapore Pte Ltd respectively, and then applying for discounting of those purported transactions. In fact, the two transactions were complete fabrications, concocted on Lim’s directions, and the discounting applications were supported by forged or fabricated documentation. Lim will be sentenced on 3 October 2024. He faces imprisonment of up to 10 years and shall also be liable to a fine for each charge under Section 420 of the Penal Code and Section 468 read with Section 109 of the Penal Code.”
“ Singapore Court Convicts Oil Tycoon Lim Oon Kuin Guilty of Cheating & Instigating Forgery with Sentencing Date Set on 3rd October 2024, Presented 2 Forged Oil Contracts of China Aviation Oil & Unipec Singapore to Apply for $111.7 Million Financing from HSBC, Trial Began on 10th August 2023 for Fraud over Collapsed Hin Leong Trading with $3.5 Billion Owed to Banks, Children Evan Lim & Lim Huey Ching Included in Trial & Also Jointly Responsible for All Debts “
Singapore Oil Tycoon Lim Oon Kuin Court Trial Begins on 10th August 2023 for Fraud over Collapsed Hin Leong Trading with $3.5 Billion Owed to Banks Including $111.7 Million from HSBC for Invoice Financing, Children Evan Lim & Lim Huey Ching Included in Trial & Also Jointly Responsible for All Debts
11th August 2023 – Singapore oil tycoon Lim Oon Kuin court trial has began on 10th August 2023 for fraud over collapsed Hin Leong Trading with $3.5 billion owed to banks including $111.7 million from HSBC for invoice financing. Lim Oon Kuin children Evan Lim (Son) and Lim Huey Ching (Daughter) are also included in the trial and are jointly responsible for all debts. The liquidators are seeking to recover the $3.5 billion to pay off the company’s debt including $90 million dividends to be returned, and the company had been “insolvent” since 2012. Lim Oon Kuin is charged for cheating HSBC and instigating an employee to forge false contract record, involving $111.7 million from HSBC. In 2020 April, Hin Leong Trading informed HSBC that it is facing liquidity issues and his 2 children Lim Huey Ching and Lim Chee Meng joined in a teleconference call with HSBC. HSBC was informed of a miscommunication for invoice financing of contracts with CAO and Unipec, but the contracts had not finalised with CAO and Unipec. In the same month in 2020 April, Commercial Affairs Department of the Singapore Police Force opened an investigation and HSBC contacted CAO and Unipec (20/4/20) but were told the transactions did not occur. The next day (21/4/20), HSBC lodged a police report for false invoice financing documents submitted. Lim Oon Kuin is currently on bail for S$4 million. Lim Oon Kuin founded Hin Leong in 1963 at age 20, and in 2020, had a net worth of around $2 billion. Lim Oon Kuin criminal trial will be in October 2023.
Singapore Oil Tycoon Lim Oon Kuin Court Trial Begins for Fraud over Collapsed Hin Leong Trading with $3.5 Billion Owed to Banks, Including $111.7 Million from HSBC for Invoice Financing
15th April 2023 – Singapore oil tycoon Lim Oon Kuin court trial has began for fraud over collapsed Hin Leong Trading with $3.5 billion owed to banks, including $111.7 million from HSBC for invoice financing. Lim Oon Kuin is charged for cheating HSBC and instigating an employee to forge false contract record. In 2020 April, Hin Leong Trading informed HSBC that it is facing liquidity issues and his 2 children Lim Huey Ching and Lim Chee Meng joined in a teleconference call with HSBC. HSBC was informed of a miscommunication for invoice financing of contracts with CAO and Unipec, but the contracts had not finalised with CAO and Unipec. In the same month in 2020 April, Commercial Affairs Department of the Singapore Police Force opened an investigation and HSBC contacted CAO and Unipec (20/4/20) but were told the transactions did not occur. The next day (21/4/20), HSBC lodged a police report for false invoice financing documents submitted. Lim Oon Kuin is currently on bail for S$4 million. Lim Oon Kuin founded Hin Leong in 1963 at age 20, and in 2020, had a net worth of around $2 billion.
Singapore Oil Tycoon Lim Oon Kuin Court Trial Begins for Fraud over Collapsed Hin Leong Trading with $3.5 Billion Owed to Banks, Including $111.7 Million from HSBC for Invoice Financing
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