Singapore’s former oil tycoon Lim Oon Kuin will be sentenced on November 18 for cheating and forgery in a trading scandal that will go into the history books as one of the biggest in the global energy-trading hub.
In a Singapore court on Tuesday, public prosecutor Christopher Ong argued for a 20-year jail sentence for Lim on three counts including instigating forgery and deceiving HSBC Holdings Plc. Lim’s defense lawyers led by Davinder Singh sought a 7-year period. The sentence is the latest development in the dramatic downfall of Lim, founder of now-defunct oil company Hin Leong Trading Pte. Lim filed for bankruptcy this week after agreeing to pay $3.
In its heyday, the homegrown trading house was widely respected as one of the boldest and most secretive traders of diesel and shipping fuel. The company, which owned a stake in storage tanks in Singapore as well as its own vessel fleet, was able to corner the market with its knowledge of inventories in and around the hub, cementing its position as one of the region’s top players.
Hin Leong’s case has tarnished Singapore’s hard-earned reputation as a leading hub for energy trading and financing, and dented public confidence in the city-state, said prosecutor Ong. He described the scandal as “unprecedented” in the country’s history, a label that Lim’s lawyer Singh passionately argued against, citing more severe offenses and losses in previous cases including one involving Agritrade International Pte.
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