Asia/Pacific News
OK Lim in Court Over Hin Leong Fraud Allegations
OK Lim, the founder of collapsed Singapore oil trading firm Hin Leong, arrived in court on Tuesday for a criminal trial over alleged fraud.
The Hin Leong founder faces a total of 130 charges involving $2.7 billion in loans allegedly secured by means of fraud, local news provider the Straits Times reported.
Tuesday's case at Singapore's state court involves just three of the charges: two cheating charges and one of instigating forgery for the purpose of cheating. Lim pleaded not guilty to the three charges.
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.
