newsare.net
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&Hin Leong founder O.K. Lim found guilty of 3 criminal charges of cheating and forgery
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$395.1 million) in actual monetary losses out of the US$2.7 billion in loans they were duped into extending to Hin Leong by Lim. The losses are part of the alleged US$3.5 billion debt owed by Hin Leong to 23 banks. On May 10, State Courts judge Toh Han Li found the 81 year-old former oil tycoon guilty of three charges that proceeded to trial out of a total of 130 criminal charges. The remaining 127 charges were stood down pending resolution of the 62-day criminal trial. Lim's sentencing is scheduled for Oct 3. He faces a jail term of up to 10 years and will also be liable to a fine for each charge of cheating and forgery. Lim declined comment when approached by The Straits Times after the ruling was handed down on May 10. Read more