The trial is scheduled to run for about 180 days, with more than 60 witnesses expected to be called to testify. Read more at straitstimes.com.
against the oil trading firm’s embattled founder Lim Oon Kuin, better known as O.K. Lim, and his two children began on Thursday in the High Court.
HSBC, which is represented by Senior Counsel Sarjit Singh Gill of Shook Lin & Bok, said in its opening statements that there were two discounting applications that had been fraudulently made by Hin Leong to obtain financing from the bank. “These are not inadvertent errors”, as portrayed by the defendants, Mr Gill told the court.
They also “located fabricated swaps trades tickets , contracts and invoices relating to fictitious swaps trades, as well as forged banking documents such as inward remittance advices, and bank account statements”. According to the elder Lim’s opening statements, the evidence of Hin Leong employees who claim to have been instructed by him “to create fictitious profits, overstate Hin Leong’s accounts and/or apply for financing on false premises should not be given weight because it is riddled with inconsistencies and not supported by the contemporaneous documents”.
“To achieve permanent deletion, Lim Chin instructed systems engineer Siow Kwee Keong to delete the IT system’s retention policies.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Singapore’s OK Lim faces liquidators, banks in $3.5 billion caseFormer tycoon Lim Oon Kuin and his children are set to face the liquidators of his collapsed oil trading empire in a civil lawsuit trial that kicks off Thursday in Singapore.
Read more »
Cristiano Ronaldo helps develop new football gaming app Kickoff by ZujuIts parent company is co-founded by businessman Kiat Lim with his father, Singapore billionaire Peter Lim. Read more at straitstimes.com.
Read more »
'As long as there's an event within Anchorvale or Sengkang GRC' Jamus Lim will do his utmost best to attend - Singapore NewsThe MP for Sengkang GRC (Anchorvale) also shared his commitment to residents in a special postscript message
Read more »
Palola: Bespoke shoemaker helps women find their sole mateAlthough he started out making men's shoes, Mr Joshua Leong has found a following of women who seek his custom footwear. Read more at straitstimes.com.
Read more »
NDP 2023: Total Defence parade a reminder that efforts are collectiveThe 6 pillars of Total Defence are military, civil, economic, social, digital and psychological defence. Read more at straitstimes.com.
Read more »
YouTuber Ryan Tan says between former marriage and fame from NOC, he would choose ex-wife Sylvia Chan againEverything comes with a price and for one to gain something, they must give something in return. In the latest episode of the YouTube series R U Okay, hosted by comedy duo Charlene and Mayiduo and Night Owl Cinematics' (NOC) founder Ryan Tan, the latter and local actor Maxi Lim weigh in on the price of fame. While Maxi, 36,...
Read more »