Asia/Pacific News
HSBC Sues for $85.3 Million Over Alleged Hin Leong Fraud: Straits Times
Friday November 6, 2020
Global banking giant HSBC is suing the Lim family and an employee of oil trading firm Hin Leong over its alleged fraud, according to local newspaper The Straits Times.
HSBC is seeking to recover $85.3 million that they allege was obtained with forged documents, the paper reported Thursday, citing court papers.
HSBC was the firm's largest creditor, owed about $600 million, and is the first bank to take legal action against Hin Leong founder OK Lim and his two children.
Lim was arrested in Singapore in August and charged with fraud. The alleged offence carries a potential punishment of up to 10 years in prison and a fine. Investigations into other alleged offences by Lim are still ongoing.
