Disgraced Singapore oil tycoon sentenced to nearly 18 years for fraud
The Peninsula
Singapore: The founder of a failed Singapore oil trading company was sentenced Monday to nearly 18 years in jail for cheating banking giant HSBC out o...
Singapore: The founder of a failed Singapore oil trading company was sentenced Monday to nearly 18 years in jail for cheating banking giant HSBC out of millions of dollars in one of the country's most serious cases of fraud.
Lim Oon Kuin, 82, better known as O.K. Lim, was convicted in May in a case that dented the city-state's reputation as a top Asian oil trading hub.
His firm, Hin Leong Trading, was among Asia's biggest oil trading companies before its sudden and dramatic collapse in 2020.
Sentencing him to 17 and a half years in jail, State Courts judge Toh Han Li said he agreed with the prosecution that the offences had the potential to undermine confidence in Singapore's oil trading industry.
The amount involved "stood at the top-tier of cheating cases" in the city-state, a global financial hub, he said.
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