Asia/Pacific News
Hin Leong's OK Lim Jailed for 17.5 Years
Lim Oon Kuin, the founder of collapsed oil trading firm Hin Leong Trading, has been handed a long jail sentence after being charged with cheating lender HSBC.
The 82-year-old, also known as OK Lim, has been jailed for 17 and a half years, news provider Channel News Asia reported on Monday.
Lim had been convicted of two cheating charges over forged documents persuading HSBC to disburse at least $111.7 million in loans to Hin Leong.
Lim will appeal against the sentence, the report cited his lawyer as saying.
Last month Lim and his family agreed to pay $3.5 billion to the liquidators of Hin Leong, plus annual interest at 5.33% from April 2020 to the present.
Hin Leong collapsed in 2020 in the wake of that year's crude-price crash and allegations of forged documents being used to secure funding from banks. The firm and its subsidiary Ocean Bunkering Services, formerly one of Singapore's top marine fuel suppliers, has been wound up.
