The Business Times reports that Lim Oon Kuin, founding father of bankrupt oil company Hin Leong Trading Pte., was convicted on three criminal charges after a lengthy trial in Singapore.
According to the newspaper’s reports, the previous tycoon – popularly referred to as OK Lim – was charged with defrauding HSBC Holdings Plc and inciting an worker of Hin Leong to forge documents. The charges amounted to a complete of USD 111.7 million, it said, citing the judgment issued on Friday by state courts.
The report said Lim, his two children and former personal assistant Serene Seng are also facing civil court, where liquidators and creditors are suing them for $3.5 billion. Its lenders include HSBC and DBS Group Holdings Ltd. The trial is ongoing.
Hin Leong’s collapse rocked Singapore’s tight-knit community of oil traders and financiers in 2020 after a series of scandals that included deep losses for Chinese and Japanese traders, the collapse of Noble Group Ltd. and the implosion of Agritade International Pte. At its peak, Hin Leong was considered one of the most important suppliers of diesel and marine fuel in Asia.
