Hin Leong Trading Founder Facing 23 Charges for Forgery-Related Offences; Charges Expected to Be Tendered on 8 Apr

O.K. Lim sounds like the kind of guy who has a kopi at the coffee shop every morning and is game for anything (you know, since he’s O.K. with everything), but it’s actually the name of the oil tycoon who founded Hin Leong Trading, one of Singapore’s largest independent oil traders.

Business for the 78-year-old was bad last year, but it had nothing to do with the coronavirus.

On 14 August 2020, Lim Oon Kuin was charged with abetment of forgery for the purpose of cheating.

Lim was slapped with a second forgery charge the next month, but that was just the start of his legal troubles.

Hin Leong Trading Founder Facing 23 Charges for Forgery-Related Offences; Charges Expected to Be Tendered on 8 Apr

Another 23 charges of forgery-related offences are expected to be brought against Lim, prosecutors told the court on Monday (29 Mar).

The new charges could not be doled out yesterday as Lim said he was unwell and couldn’t complete recording his cautioned statements, which is a statement taken when one is formally charged.

The charges are expected to be tendered at the next court mention on 8 Apr.

The S$3 million court bail which Lim was granted last year was extended on Monday.

What Happened

Early last year, Lim allegedly instigated Freddy Tan Jie Ren, a contracts executive of Hin Leong, to forge an email which was purportedly sent to China Aviation Oil (Singapore) Corporation on 26 Feb over a sale.

Lim allegedly instructed Mr Tan to write the email’s subject header as “CAO – Sale of gasoil 10PPM sulphur”.

He is also accused of instructing Mr Tan to forge a inter-tank transfer certificate.

Both the email and document were then allegedly used to secure more than US$56 million in trade financing from a financial institution.

HSBC Alleged that Lim Family “Deceived” Bank into Lending Hin Leong Over US$100 Million  

After Lim was charged, it was revealed that Hin Leong owed HSBC, its largest creditor, around US$600 million.

The investment banking company took legal action against the Lim family and a Hin Leong employee as the bank’s lawsuit involves the fake CAO cargo sale as well.

HSBC alleged that the defendants “fraudulently deceived” it into lending Hin Leong US$111.7 million by signing forged invoices.

Lim, however, has denied the allegations.

Hin Leong filed for bankruptcy protection in April 2020, and Lim resigned from the company in the same month.

Abetment of forgery for the purpose of cheating carries a jail term of up to 10 years and a fine.

Feature Image: Twitter (@MenaCommodities)