Asia/Pacific News
Hin Leong Founder Lim Oon Kuin Arrested in Singapore
Lim Oon Kuin, founder of troubled oil trading firm Hin Leong Trading, has been arrested in Singapore and charged with fraud.
Lim was charged in court on Friday with 'abetment of forgery for the purpose of cheating', the country's police force said in a statement on its website.
"The charge, which arises from investigations by the Commercial Affairs Department into Hin Leong, relates to Lim Oon Kuin instigating a Hin Leong employee to forge a document purportedly issued by UT Singapore Services Pte Ltd," the police said.
"The document stated that Hin Leong had transferred more than one million barrels of gasoil to China Aviation Oil (Singapore) Corporation Ltd.
"The document was allegedly used to secure more than USD 56 million in trade financing from a financial institution."
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, the police said.
