Singapore Oil Tycoon Lim Oon Kuin Sentenced to 17.5 Years for Fraud

The 82-year-old founder of Hin Leong Trading was convicted of defrauding HSBC out of millions, impacting Singapore's oil trading reputation.

Lim Oon Kuin, known as O.K. Lim, was convicted for orchestrating fraudulent oil sales that led HSBC to disburse nearly $112 million.
The sentencing follows the collapse of Hin Leong Trading in 2020, which revealed hidden losses of $800 million and debts of almost $4 billion.
Prosecutors labeled the case as one of Singapore's most serious trade financing frauds, seeking a 20-year sentence, while the defense argued for seven years due to Lim's age and health.
Lim's conviction involved two charges of cheating and one of abetting forgery, with the court emphasizing the potential damage to Singapore's financial reputation.
Despite the sentence, Lim remains free on bail pending an appeal, with his legal team citing concerns about his medical conditions.