The founder of the now-defunct oil trading company Hin Leong Trading Pte Ltd, Lim Oon Kuin (also known as O.K. Lim), has been convicted by a Singapore court on charges of cheating global bank HSBC and abetting forgery.
The 82-year-old former tycoon was convicted on three charges related to a case involving $111.7 million that was disbursed by HSBC in March 2020 as payment for two oil sales contracts. Prosecutors alleged that these contracts were fabricated.
Lim remains out on bail and is scheduled to return to court for sentencing in October.
Hin Leong Trading, once one of Asia’s largest oil trading firms, collapsed in 2020 amid revelations of massive losses and undisclosed debt. The company’s downfall was seen as one of the biggest scandals in the global oil trading industry.
The conviction of Lim, the founder and former chairman of Hin Leong, is a significant development in the ongoing legal proceedings stemming from the company’s collapse. The case has attracted widespread attention, highlighting the risks and challenges faced by the oil trading industry.