SINGAPORE — Hin Leong founder Lim Oon Kuin has been convicted of two cheating charges and one count of instigating forgery for the purpose of cheating in what prosecutors have described as 'one of the world's largest collapses of an oil trading firm'. Prosecutors alleged that 16 banks in Singapore suffered US$291.9 million (S$395.
Lim Oon Kuin, founder of Hin Leong, arriving at the State Courts on May 10.SINGAPORE — Hin Leong founder Lim Oon Kuin has been convicted of two cheating charges and one count of instigating forgery for the purpose of cheating in what prosecutors have described as "one of the world's largest collapses of an oil trading firm".
Lim declined comment when approached by The Straits Times after the ruling was handed down on May 10. "For both cheating charges, there was dishonest intent on Lim's part," the judge said in his judgment, noting that Lim himself had recognised that it was not correct to submit fabricated deals or forged documents to the bank.
Lim was accused of instructing Hin Leong's former contracts executive Freddy Tan to create the documents for the bogus CAO transaction and to send them to the banker department, which handled discounting applications by Hin Leong to the banks. These documents were then sent to HSBC for discounting.
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