Singapore-Based Agritrade International Founder Ng Say Pek (Age 72) Charged in Singapore Court for Cheating Invoice Financing Platform Funding Societies to Disburse $6.1 Million (S$8 Million) Loans Using False Invoices in 2019, 16 Financial Institutions Provided $586.5 Million Trade Financing to Agritrade International & Suffered $469 Million Losses, Ng Say Pek was Deported from China to Singapore in 2025 December after Fleeing Since 2020, Agritrade International CFO Lulu Lim Beng Kim was Sentenced to 20 Years Jail Term in 2023
3rd December | Hong Kong
Singapore-based Agritrade International founder Ng Say Pek (Age 72) has been charged in Singapore court for cheating invoice financing platform Funding Societies to disburse $6.1 million (S$8 million) of loans using false invoices in 2019. 16 financial institutions had provided $586.6 million trade financing to Agritrade International and suffered $469 million losses. In 2025 December, Ng Say Pek was deported from China to Singapore, after fleeing since 2020. Agritrade International CFO Lim Beng Kim was sentenced to 20 years jail term in 2022. In 2023, commodities firm Agritrade International CFO (Chief Financial Officer) & Singaporean Lulu Lim Beng Kim was 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. Singapore Police Force (17/3/25): “On 17 January 2023, Lim Beng Kim, Lulu (“Lulu Lim”), former Chief Financial Officer (“CFO”) of Agritrade International Pte Ltd (“AIPL”), was sentenced to an imprisonment term of 20 years. She was convicted of the following charges on 9 December 2022 in the State Courts: 1) 11 counts of cheating under Section 420 of the Penal Code (“PC”), Chapter 224; and 2) One count of falsification of accounts under Section 477A of the PC. In January 2020, the Commercial Affairs Department (“CAD”) of the Singapore Police Force (“SPF”) commenced investigations into Lulu Lim and others for trade financing fraud. The investigations concerned AIPL, a Singapore-incorporated company that carried on the business of trading in coal and palm oil among others, and the making of false representations and/or submitting fictitious documents to multiple financial institutions. From January 2020 to August 2020, the Police received multiple reports lodged by various entities including banks and finance companies which had extended credit facilities to AIPL for the purposes of trade financing. Lulu Lim left Singapore shortly after the commencement of investigations and an Interpol Red Notice was issued against her. The Police made extensive efforts to locate her with the assistance of multiple foreign counterparts and she was subsequently located and arrested in the United Arab Emirates (“UAE”). She arrived in Singapore in September 2021 via a flight arranged by the UAE authorities and was placed under arrest. Investigations revealed that from 2016 to 2018, Lulu Lim contacted or attempted to contact a director of an auditing and accounting firm to prepare draft consolidated financial statements for AIPL and its subsidiaries, using AIPL’s management accounts provided by her. From January 2017 to November 2019, Lulu Lim instructed and/or permitted her subordinates in AIPL to forward documents that she had disseminated to them, including the falsified financial statements to the banks and finance companies. Lulu Lim deceived 16 financial institutions into believing that the consolidated financial statements for AIPL and its subsidiary companies for the financial years ended 30 June 2016, 30 June 2017 and/or 30 June 2018 were audited, a fact which she knew to be false. By such manner of deception, Lulu Lim dishonestly induced the financial institutions to deliver money through credit facilities granted to AIPL. She also separately instructed her subordinate to insert a copy of the auditor’s signature into a document that falsely purported to be the audited consolidated financial statements of AIPL for the financial year ended 30 June 2018. As a result, a total of 16 financial institutions granted at least USD 586.5 million in credit facilities to AIPL between January 2017 and November 2019. AIPL defaulted on these loans and the total loss suffered by the financial institutions amounted to around USD 469.1 million. The majority of the money drawn from these credit facilities was transferred to three companies and their subsidiaries, which were purported to be legitimate suppliers of commodities traded by AIPL but were actually connected to AIPL in a material fashion. For example, members of AIPL’s senior management, including Lulu Lim herself, had assisted in the incorporation of these three “suppliers” and their subsidiaries, and/or had been employed by them as directors. Various document templates and letterheads, as well as signature blocks and chops bearing the particulars of these three “suppliers”, were also discovered in AIPL’s premises. The Police will continue our efforts to safeguard Singapore’s reputation as a trusted business and financial centre. Finance professionals and company officers, such as public accountants, chief financial officers, chief executive officers, chief operating officers and directors, have a duty to the company’s stakeholders and a duty to safeguard the integrity of the financial system. The CAD takes a tough stance against financial professionals and company officers who fail in their corporate duties and who abuse Singapore’s financial system to commit crime. Any knowledge or reasonable suspicion of misconduct or fraud should be reported to the authorities early.”
“ Singapore-Based Agritrade International Founder Ng Say Pek (Age 72) Charged in Singapore Court for Cheating Invoice Financing Platform Funding Societies to Disburse $6.1 Million (S$8 Million) Loans Using False Invoices in 2019, 16 Financial Institutions Provided $586.5 Million Trade Financing to Agritrade International & Suffered $469 Million Losses, Ng Say Pek was Deported from China to Singapore in 2025 December after Fleeing Since 2020, Agritrade International CFO Lulu Lim Beng Kim was Sentenced to 20 Years Jail Term in 20232 “
![](https://www.caproasia.com/wp-content/uploads/2025/08/Air-Charter-Service-728x90-1.png")
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 – 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 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.
Caproasia Users
- Manage $20 million to $30 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2026 Investment Day
- March - Hong Kong
- March - Singapore
- April - Hong Kong
- April - Singapore
- July - Hong Kong
- July - Singapore
- Sept- Hong Kong
- Sept - Singapore
- Oct- Hong Kong
- Nov - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
